Steve Baker, a former UK Minister of State at the Northern Ireland Office, has received approval to join Bitcoin-focused venture capital firm Axiom as a paid adviser.
The UK’s Advisory Committee on Business Appointments (ACOBA) cleared Baker’s appointment after a thorough background review, finding no conflicts of interest stemming from his ministerial tenure.
A government record published on November 28 revealed that Baker had sought ACOBA’s guidance on this private-sector role.
In its approval, the committee emphasized adherence to the “7 Principles of Public Life,” which include selflessness, integrity, and accountability.
Baker to Advice Axiom on its Second Venture Fund
Baker is set to advise Axiom on its second venture fund, Axiom Venture Fund II, which focuses on investments within the Bitcoin ecosystem.
Axiom, known for its cautious approach to the cryptocurrency sector, announced plans in August to raise $75 million for its second fund.
The firm has highlighted its commitment to fostering sustainable Bitcoin companies, stressing the risks of investor pressures to issue tokens that could undermine long-term success.
ACOBA acknowledged potential risks associated with Baker’s transition to the private sector, particularly in a field like cryptocurrency.
These include concerns about the use of confidential information, undue influence through government contacts, and potential reputational risks for public institutions.
To address these, Baker’s role comes with strict conditions.
For two years, Baker is barred from leveraging government knowledge or engaging in lobbying efforts on Axiom’s behalf.
He is also prohibited from advising the firm on any areas directly related to his former ministerial responsibilities.
“By building the infrastructure of sound money, investors and entrepreneurs can foster a more stable and free economic system, ultimately creating a foundation for sustainable, just and inclusive prosperity,” Bakers commented.
“This firm belief is why I am happy to announce that I have decided to join Axiom as an advisor. I believe their work will prove to be an invaluable part of that journey.”
I am delighted to join @axiombtc as an advisor.
Find my paper for Axiom here: https://t.co/NYv9tRASvh
”The importance of a social safety net which works is obvious. The consequences of one which is chronically unaffordable should now be heaving into view. The importance… https://t.co/97oNZcgZy0
— Rt Hon Steve Baker FRSA
(@SteveBakerFRSA) November 25, 2024
UK Aims to Unveil Crypto Regulatory Framework by Early Next Year
The United Kingdom plans to introduce a comprehensive regulatory framework for the cryptocurrency sector early next year.
During a recent conference, Economic Secretary to the Treasury Tulip Siddiq said that the proposed framework will consolidate regulations for stablecoins and staking services under one unified regime.
“Doing everything in a single phase is simpler and it just makes more sense,” he said.
Delayed action on legislation has made some companies hesitant to invest in the U.K., especially as the European Union’s Markets in Cryptoassets (MiCA) regulation is set to take effect by year-end.
In October, Dante Disparte, the global head of policy at Circle, said that the U.K. was expected to implement regulations for stablecoins within a matter of months.
“I think we’re within months, not years,” Disparte said, referring to the anticipated stablecoin regulations.
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