Nigel Farage has won the Clacton by-election. His most conspicuous opponent was a man wearing a bin on his head. For a politician who has spent much of his career turning apparent absurdity into political influence, it was familiar territory. Count Binface was never likely to prevent Farage returning to parliament.

But the more consequential contest involving Farage may now be taking place elsewhere: between Britain’s crypto industry and the institutions it wants to persuade further in its direction.