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Former Minister John Baker takes an advisory role at Bitcoin-focused Axiom, with conditions to ensure fair governance.
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An advisory committee of the United Kingdom approved a former high-ranking minister to take up a paid advisory role at Bitcoin-native venture capital firm Axiom after a satisfactory background assessment.
According to a government record published on Nov. 28, former British politician John Baker had sought advice from the Advisory Committee on Business Appointments (ACOBA) on the private-sector role as an adviser with Axiom.
When working for a private firm, the document advised Baker to follow the “7 Principles of Public Life” — selflessness, integrity, objectivity, accountability, openness, honesty and leadership.
Baker served as the former Minister of State at the Northern Ireland Office until 2024. An internal assessment by the ACOBA found no prior engagements during his tenure as a Minister that could benefit Axoim or damage “the integrity of the government.”
Source: Steve Baker
UK minister advised to minimize risks of prior influence
Axiom Venture Capital is an advisory and investment management firm focused on the Bitcoin ecosystem. It will onboard Baker as a part-time adviser for its second venture fund, Axiom Venture Fund II.
In August, Axiom announced plans to raise $75 million for its second venture fund. At the time, the company had underscored the importance of prudent investments in Bitcoin companies, adding:
“In our view, nothing will destroy a Bitcoin company faster than an investor pressuring the founding team to issue a token.”
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Imposing conditions to ensure fair play
The committee also pointed out certain inherent risks when allowing former Ministers to join the crypto sector.
These include previous dealings with finance companies, access to general sensitive information that could benefit the private company and the misuse of contacts and influence within and outside the government.
While approving the appointment, the committee laid down certain conditions for Baker to mitigate the potential risks. The former minister has been advised against using any government secrets or information to benefit Axiom or lobby the UK government for Axiom for two years.
Additionally, Baker cannot advise Axiom on areas he oversaw as a minister or lobby contacts he made in government for Axiom for two years.
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This article first appeared at Cointelegraph.com News
