UK Approves Former Minister's Advisory Role At Bitcoin Venture Firm

According to Cointelegraph, an advisory committee in the United Kingdom has approved former high-ranking minister John Baker to assume a paid advisory position at Bitcoin-native venture capital firm Axiom. This decision follows a satisfactory background assessment conducted by the Advisory Committee on Business Appointments (ACOBA). The government record, published on November 28, reveals that Baker sought ACOBA's advice regarding his new role in the private sector as an adviser with Axiom. Baker, who served as the Minister of State at the Northern Ireland Office until 2024, has been advised to adhere to the "7 Principles of Public Life," which include selflessness, integrity, objectivity, accountability, openness, honesty, and leadership. The internal assessment by ACOBA found no previous engagements during his ministerial tenure that could potentially benefit Axiom or compromise the integrity of the government. Axiom Venture Capital, an advisory and investment management firm focused on the Bitcoin ecosystem, plans to onboard Baker as a part-time adviser for its second venture fund, Axiom Venture Fund II. In August, Axiom announced its intention to raise $75 million for this fund, emphasizing the importance of prudent investments in Bitcoin companies. The firm highlighted that investor pressure on founding teams to issue tokens could be detrimental to Bitcoin companies. The committee also identified certain risks associated with former ministers joining the crypto sector. These risks include previous dealings with finance companies, access to sensitive information that could benefit private companies, and the potential misuse of contacts and influence within and outside the government. To mitigate these risks, the committee has imposed specific conditions on Baker's appointment. Baker has been instructed not to use any government secrets or information to benefit Axiom or to lobby the UK government on behalf of Axiom for two years. Additionally, he is prohibited from advising Axiom on areas he oversaw as a minister or lobbying contacts he made in government for Axiom for the same duration. These measures aim to ensure fair play and minimize the risks of prior influence in his new advisory role.