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 Bitcointechnology 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 thecryptocurrency 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, recentlybecame 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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