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Steve Baker
has become the latest politician to transition from public service to the
cryptocurrency sector. After serving as Minister of State for Northern Ireland
for two years and subsequently as Minister of State in the Cabinet Office for
six months, he has now joined Axiom.
Former UK Minister Steve
Baker Takes Advisory Role at Bitcoin VC Firm Axiom
The
Advisory Committee on Business Appointments (ACOBA) has approved former
Minister of State for Northern Ireland Baker’s appointment as an advisor to
Bitcoin-focused venture capital firm Axiom Venture Fund II LP. The part-time
role comes with strict conditions to prevent potential conflicts of interest.
“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
Baker will
join Axiom’s second venture fund, which focuses on investing in early-stage
Bitcoin technology startups, particularly in fintech, capital markets, and
energy industries. The fund explicitly avoids direct Bitcoin investment,
instead concentrating on equity positions in companies leveraging Bitcoin
technology for long-term growth.
However, ACOBA
has implemented several key restrictions on Baker’s role:
- A two-year
ban on lobbying the UK government or using government contacts to benefit Axiom - Prohibition
on using privileged information from his ministerial service - Restrictions
on advising on matters related to his previous ministerial responsibilities - Limitations
on lobbying contacts developed during his time in office
This
appointment comes as Axiom seeks to raise $75 million for its second venture
fund. The firm has positioned itself as a prudent investor in the Bitcoin
ecosystem, emphasizing its focus on sustainable company growth rather than
token issuance.
From Politics and
Regulation to Crypto
Steve
Baker’s move is not an isolated case. As reported by Finance Magnates,
earlier this year, another former UK minister, George Osborne, joined the
cryptocurrency exchange Coinbase, taking a seat on its advisory council.
Osborne, who served as Chancellor of the Exchequer from 2010 to 2016 under
Prime Minister David Cameron, oversaw the nation’s finances and economic policy
during his tenure. After leaving government, Osborne transitioned to roles in
investment banking and media.
Similar
transitions have been observed among notable figures from US financial
regulatory agencies. Peter Marton, formerly the Deputy Superintendent of
Virtual Currency at the New York Department of Financial Services, recently
became the Director of Digital Identity at Fireblocks.
Brian
Brooks, who served as Senior Deputy Comptroller at the Comptroller of the
Currency in the US Treasury Department, joined Hashdex’s Board of Directors,
focusing on advising global regulatory frameworks to attract institutional
investors and foster collaboration with policymakers.
Additionally,
Circle, the issuer of USDC, appointed Heath Tarbert as Chief Legal Officer and
Head of Corporate Affairs earlier this year. Tarbert, who previously chaired
the Commodity Futures Trading Commission, also held a legal leadership role at
Citadel Securities before joining Circle.
This article was written by Damian Chmiel at www.financemagnates.com.
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