30s Summary

The UK’s Advisory Committee on Business Appointments (ACOBA) has approved former minister John Baker’s request to advise Axiom, a Bitcoin-centric venture capital firm. ACOBA found no conflict of interest in his former role as Minister of State at the Northern Ireland Office and his potential role at Axiom. However, they set conditions, including that Baker cannot use any government information or contacts to benefit Axiom or influence the government on Axiom’s behalf for two years. Axiom is currently raising funds for its second Bitcoin investment venture.

Full Article

A UK committee gave the green light to an ex-minister to start a paid gig at a Bitcoin-based VC firm Axiom. This decision came after they checked out his background and all looked good.

A guy named John Baker, who used to be in British politics, asked the Advisory Committee on Business Appointments (ACOBA) if he could work at Axiom as an adviser.

They told him he could, but he had to stick to the “7 principles of public life” – not being selfish, having integrity, being objective, being accountable, being open, being honest and leading by example.

Before this, Baker was the Minister of State at the Northern Ireland Office up until 2024. ACOBA did their own check and found that nothing he’d done in his minister role would benefit Axiom or make the government look bad.

Axiom Venture Capital is all about advising and investing in Bitcoin stuff. They’re going to have Baker on board part-time for their second venture fund, Axiom Venture Fund II.

Back in August, Axiom wanted to raise $75 million for this second fund. They said at the time how important it was to invest wisely in Bitcoin companies. They mentioned that nothing kills a Bitcoin company faster than an investor who pushes the founding team to introduce a token.

The committee also pointed out that there could be risks with ex-ministers joining the crypto world. These risks might involve old dealings with finance companies, having access to sensitive info that could be useful for the company, and misusing contacts and influence both inside and outside the government.

When the committee said Baker could have the job, they made sure to set some conditions to stop these risks. They told Baker he’s not allowed to use any government secrets or info to give Axiom an advantage or to get the UK government to help Axiom for two years.

Also, Baker can’t give Axiom advice on stuff he worked on as a minister or use his government connections for Axiom for two years.