As a seasoned researcher with a keen interest in the intersection of politics and technology, I find the appointment of former British Minister John Baker to Axiom Venture Capital fascinating. Having served as a Minister until 2024, Baker brings a wealth of experience that could prove invaluable in navigating the complexities of the Bitcoin ecosystem.
In simpler terms, a committee in the U.K. allowed a former high-level government official to start working as a consultant for a venture capital firm that specializes in Bitcoin, following a thorough background check and approval process.
On November 28th, records show that ex-British politician John Baker requested guidance from the Advisory Committee on Business Appointments (ACOBA) regarding a potential position in the private sector as an advisor for Axiom.
In their professional role at a private company, the guidelines recommended that Baker adhere to the “Seven Core Values of Ethical Conduct” which include: putting the collective interest first (selflessness), maintaining high moral standards (integrity), being impartial (objectivity), being responsible for actions (accountability), fostering transparency (openness), being truthful (honesty) and demonstrating strong guidance (leadership).
As a previous Minister of State at the Northern Ireland Office, I served up until 2024. An internal evaluation conducted by the Advisory Committee on Business Appointments (ACOBA) confirmed no past engagements during my ministerial term that could potentially advantage Axoim or compromise “the integrity of the government.
UK minister advised to minimize risks of prior influence
Axiom Advisory and Investment Company specializes in the Bitcoin sector. They have recently hired Baker as a part-time advisor for their new fund, Axiom Venture Fund II. In August, it was announced that Axiom intends to gather $75 million for this second venture fund, emphasizing careful investments in Bitcoin businesses.
“In our view, nothing will destroy a Bitcoin company faster than an investor pressuring the founding team to issue a token.”
Imposing conditions to ensure fair play
The committee additionally highlighted some potential dangers associated with permitting ex-Ministers to engage in the cryptocurrency industry.
This involves past interactions with financial institutions, ability to access broad confidential data advantageous to a private corporation, and the possible abuse of connections and power both inside and outside of government entities.
When confirming Baker’s appointment, the committee established some guidelines intended to minimize potential hazards. It is recommended that Baker avoid utilizing any confidential government data or insights to profit Axiom or lobby the British government on behalf of Axiom for a period of two years.
Furthermore, Baker is prohibited from providing counsel to Axiom concerning matters he supervised during his tenure as a minister or making lobbying contacts for Axiom based on connections he established within the government over a span of two years.
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2024-11-28 11:56