Steve Baker, former UK minister of state for Northern Ireland, has been approved for a part-time advisory role at Bitcoin-focused venture capital firm Axiom by the Advisory Committee on Business Appointments (ACOBA) after conducting a comprehensive background check.
According to the findings of ACOBA, Baker’s new position does not present risks to the integrity of the government. However, the committee emphasized the importance of adhering to the “7 Principles of Public Life,” which include accountability, objectivity, and integrity.
Baker is prohibited from sharing sensitive government information, lobbying the UK government, or using his ministerial contacts on behalf of Axiom for two years. Additionally, he cannot advise on any issues he oversaw as a minister.
Baker expressed his enthusiasm for the position on social media, stating,
“I am delighted to join @axiombtc as an advisor.”
He also published a paper for Axiom, highlighting sound money’s role in creating a fair market economy.
“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 of sound money to a just and equitable market economy deserves further elaboration.”
Baker is joining Axiom Venture Fund II, raising $75 million for Bitcoin-focused startups. Axiom has been cautious about startups being pressured to issue tokens, noting potential business harm. Although ACOBA found no conflicts of interest from Baker’s previous ministerial role, it raised concerns about former officials entering the crypto sector due to risks related to access to sensitive information and potential misuse of influence.
Meanwhile, adopting Bitcoin as a strategic investment continues to gain momentum. Wellness and plant-based e-commerce company Jiva Technologies recently approved a Bitcoin treasury strategy, authorizing up to $1 million in BTC investments. The company’s leadership highlighted Bitcoin’s scarcity and limited supply as a hedge against inflation and a refuge during economic uncertainty.
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