The United Kingdom has witnessed a notable shift in its political and crypto landscape as former high-ranking minister Steve Baker received approval to take up a paid advisory role at Bitcoin-native venture capital firm Axiom.
The Advisory Committee on Business Appointments (ACOBA) granted clearance for Baker’s appointment after conducting a thorough background assessment. This move signifies the growing intersection of politics and the cryptocurrency industry.
Baker’s Smooth Transition to the Private Sector
Steve Baker, who served as the minister of state at the Northern Ireland Office until 2024, sought ACOBA’s advice before accepting his role at Axiom. In a government record published on Nov. 28, ACOBA confirmed that Baker’s transition to the private sector posed no risk of conflict of interest or harm to the government’s integrity.
The advisory body highlighted that Baker had no prior engagements during his tenure that could benefit Axiom. ACOBA said that Baker must adhere to the “7 Principles of Public Life” in his new role.
Baker will join Axiom as a part-time adviser for its second venture fund, Axiom Venture Fund II, focusing on investments in Bitcoin-centric companies.
Axiom’s Strategic Bitcoin Vision
Axiom Venture Capital is an investment management firm dedicated to fostering innovation within the Bitcoin ecosystem. Axiom’s investment philosophy discourages pressure on Bitcoin companies to issue tokens, a stance reflecting its commitment to sustainable growth within the crypto industry.
With Baker on board, Axiom aims to leverage his extensive experience in governance and policy to further its mission. The addition of a former minister lends credibility to Axiom’s operations and highlights the increasing appeal of the cryptocurrency sector among seasoned policymakers.
Challenges and Risks in Political-Crypto Collaborations
Despite Baker’s clean record, ACOBA cautioned against potential risks when former government officials join the crypto industry. These include concerns about the misuse of sensitive information, influence peddling, or leveraging government contacts to benefit private firms. Such risks underscore the importance of strict ethical guidelines and transparent operations.
Crypto’s Expanding Political Influence
Baker’s appointment is part of a broader trend of political figures engaging with the crypto sector. In the United States, President-elect Donald Trump’s administration is reportedly considering Paul Atkins, a veteran financial regulator, as a candidate to head the U.S. SEC.
Atkins is known for his conservative approach to financial regulation, and his potential appointment reflects Trump’s intent to foster a crypto-friendly environment.
This comes amid Trump’s broader plans to position the U.S. as a global leader in cryptocurrency innovation. If implemented, such policies could reshape the regulatory landscape and boost institutional adoption of digital assets.
Baker’s transition to a Bitcoin-focused venture firm illustrates the increasing interplay between politics and cryptocurrency. While the move has been cleared of ethical concerns, it raises questions about how governments and the private sector can collaborate to shape the future of digital finance.
Similarly, developments in the U.S. suggest that cryptocurrency will remain a pivotal issue on the global political stage. As these relationships evolve, they will undoubtedly influence the trajectory of the crypto industry worldwide.