Former UK Minister Joins Axiom's $75 Million Bitcoin Venture Fund Push

Steve Bakerhas become the latest politician to transition from public service to thecryptocurrency sector. After serving as Minister of State for Northern Irelandfor two years and subsequently as Minister of State in the Cabinet Office forsix months, he has now joined Axiom.

Former UK Minister SteveBaker Takes Advisory Role at Bitcoin VC Firm Axiom

TheAdvisory Committee on Business Appointments (ACOBA) has approved formerMinister of State for Northern Ireland Baker's appointment as an advisor toBitcoin-focused venture capital firm Axiom Venture Fund II LP. The part-timerole comes with strict conditions to prevent potential conflicts of interest.

“Bybuilding the infrastructure of sound money, investors and entrepreneurs canfoster a more stable and free economic system, ultimately creating a foundationfor sustainable, just and inclusive prosperity,” Bakers commented. “This firmbelief is why I am happy to announce that I have decided to join Axiom as anadvisor. I believe their work will prove to be an invaluable part of thatjourney.”

Baker willjoin Axiom's second venture fund, which focuses on investing in early-stageBitcoin technology startups, particularly in fintech, capital markets, andenergy industries. The fund explicitly avoids direct Bitcoin investment,instead concentrating on equity positions in companies leveraging Bitcointechnology for long-term growth.

However, ACOBAhas implemented several key restrictions on Baker's role:

• A two-yearban on lobbying the UK government or using government contacts to benefit Axiom
• Prohibitionon using privileged information from his ministerial service
• Restrictionson advising on matters related to his previous ministerial responsibilities
• Limitationson lobbying contacts developed during his time in office

Thisappointment comes as Axiom seeks to raise $75 million for its second venturefund. The firm has positioned itself as a prudent investor in the Bitcoinecosystem, emphasizing its focus on sustainable company growth rather thantoken issuance.

From Politics andRegulation to Crypto

SteveBaker’s move is not an isolated case. As reported by Finance Magnates,earlier this year, another former UK minister, George Osborne, joined thecryptocurrency exchange Coinbase, taking a seat on its advisory council.Osborne, who served as Chancellor of the Exchequer from 2010 to 2016 underPrime Minister David Cameron, oversaw the nation's finances and economic policyduring his tenure. After leaving government, Osborne transitioned to roles ininvestment banking and media.

Similartransitions have been observed among notable figures from US financialregulatory agencies. Peter Marton, formerly the Deputy Superintendent ofVirtual Currency at the New York Department of Financial Services, recentlybecame the Director of Digital Identity at Fireblocks.

BrianBrooks, who served as Senior Deputy Comptroller at the Comptroller of theCurrency in the US Treasury Department, joined Hashdex's Board of Directors,focusing on advising global regulatory frameworks to attract institutionalinvestors and foster collaboration with policymakers.

Additionally,Circle, the issuer of USDC, appointed Heath Tarbert as Chief Legal Officer andHead of Corporate Affairs earlier this year. Tarbert, who previously chairedthe Commodity Futures Trading Commission, also held a legal leadership role atCitadel Securities before joining Circle.