Steve Baker
has change into the most recent politician to transition from public service to the
cryptocurrency sector. After serving as Minister of State for Northern Eire
for 2 years and subsequently as Minister of State within the Cupboard Workplace for
six months, he has now joined Axiom.
Former UK Minister Steve
Baker Takes Advisory Function at Bitcoin VC Agency Axiom
The
Advisory Committee on Enterprise Appointments (ACOBA) has authorised former
Minister of State for Northern Eire Baker’s appointment as an advisor to
Bitcoin-focused enterprise capital agency Axiom Enterprise Fund II LP. The part-time
position comes with strict circumstances to forestall potential conflicts of curiosity.
“By
constructing the infrastructure of sound cash, buyers and entrepreneurs can
foster a extra secure and free financial system, finally making a basis
for sustainable, simply and inclusive prosperity,” Bakers commented. “This agency
perception is why I’m pleased to announce that I’ve determined to hitch Axiom as an
advisor. I imagine their work will show to be a useful a part of that
journey.”
🤝I’m delighted to hitch @axiombtc as an advisor. 💡Discover my paper for Axiom right here: https://t.co/NYv9tRASvh🗣️”The significance of a social security internet which works is apparent. The implications of 1 which is chronically unaffordable ought to now be heaving into view. The significance… https://t.co/97oNZcgZy0
— Rt Hon Steve Baker FRSA 🗽 (@SteveBakerFRSA) November 25, 2024
Baker will
be part of Axiom’s second enterprise fund, which focuses on investing in early-stage
Bitcoin expertise startups, significantly in fintech, capital markets, and
power industries. The fund explicitly avoids direct Bitcoin funding,
as a substitute concentrating on fairness positions in firms leveraging Bitcoin
expertise for long-term progress.
Nevertheless, ACOBA
has carried out a number of key restrictions on Baker’s position:
- A two-year
ban on lobbying the UK authorities or utilizing authorities contacts to learn Axiom - Prohibition
on utilizing privileged data from his ministerial service - Restrictions
on advising on issues associated to his earlier ministerial duties - Limitations
on lobbying contacts developed throughout his time in workplace
This
appointment comes as Axiom seeks to lift $75 million for its second enterprise
fund. The agency has positioned itself as a prudent investor within the Bitcoin
ecosystem, emphasizing its give attention to sustainable firm progress moderately than
token issuance.
From Politics and
Regulation to Crypto
Steve
Baker’s transfer just isn’t an remoted case. As reported by Finance Magnates,
earlier this 12 months, one other former UK minister, George Osborne, joined the
cryptocurrency alternate Coinbase, taking a seat on its advisory council.
Osborne, who served as Chancellor of the Exchequer from 2010 to 2016 beneath
Prime Minister David Cameron, oversaw the nation’s funds and financial coverage
throughout his tenure. After leaving authorities, Osborne transitioned to roles in
funding banking and media.
Comparable
transitions have been noticed amongst notable figures from US monetary
regulatory businesses. Peter Marton, previously the Deputy Superintendent of
Digital Foreign money on the New York Division of Monetary Providers, not too long ago
grew to become the Director of Digital Identification at Fireblocks.
Brian
Brooks, who served as Senior Deputy Comptroller on the Comptroller of the
Foreign money within the US Treasury Division, joined Hashdex’s Board of Administrators,
specializing in advising world regulatory frameworks to draw institutional
buyers and foster collaboration with policymakers.
Moreover,
Circle, the issuer of USDC, appointed Heath Tarbert as Chief Authorized Officer and
Head of Company Affairs earlier this 12 months. Tarbert, who beforehand chaired
the Commodity Futures Buying and selling Fee, additionally held a authorized management position at
Citadel Securities earlier than becoming a member of Circle.
This text was written by Damian Chmiel at www.financemagnates.com.
