Ex-UK Chancellor’s Lobbying Allegations Under Scrutiny
Lord Philip Hammond, who was the United Kingdom’s Chancellor of the Exchequer from 2016 to 2019 and is known for supporting cryptocurrencies, may have violated lobbying rules for former ministers. According to the Financial Times, documents obtained through a Freedom of Information Act request revealed that Hammond played a role in communicating between the Economic Secretary for the Treasury, John Glen, and the CEO of crypto firm Copper, Dmitry Tokarev, in March 2021. The Treasury officials used Hammond as an intermediary, and he informed Glen about Tokarev’s positive impression of their meeting and voiced Copper’s concerns about regulatory changes for crypto companies.
It is worth noting that these interactions took place before Hammond officially joined Copper as a Senior Adviser in August 2021. When leaving his position as Chancellor in July 2019, Hammond would have needed permission from the Advisory Committee on Business Appointments to work in a private sector role related to lobbying efforts with his former department. Hammond claims that his interactions with Glen in spring 2021 were not lobbying, and he did not ask Glen to arrange a meeting between the Treasury and Copper as it would be inappropriate.
The U.K. Treasury has also denied any wrongdoing, stating that officials regularly meet with various crypto firms to better understand the sector and inform policy development. Hammond’s concerns about the U.K.’s lagging cryptocurrency regulation compared to its European Union counterparts were publicly expressed in June 2022. He highlighted that although the U.K. has been quick to embrace new technologies in the past, this agility has not been evident in the realm of crypto regulation, attributing it to a combination of limited resources and capacity.
Lord Philip Hammond, a proponent of cryptocurrencies, may have breached lobbying rules by mediating communication between Treasury officials and Copper’s CEO. Hammond denies engaging in lobbying activities and claims that his interactions were innocent communications with a close political acquaintance. The U.K. Treasury defends its officials’ meetings with crypto firms as part of their effort to understand the industry and develop appropriate policies. Hammond has also raised concerns about the country’s slow progress in cryptocurrency regulation compared to its European counterparts, citing limited resources and capacity as potential factors.
10 thoughts on “Ex-UK Chancellor’s Lobbying Allegations Under Scrutiny”
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Limited resources and capacity are not valid excuses for Hammond’s potential breach of lobbying rules. The government should prioritize enforcing regulations and protecting investors instead of making excuses.
Lord Hammond’s concerns about the slow progress of cryptocurrency regulation are valid and require attention. 🕐 It’s crucial to allocate resources and enhance capacity to establish a fair and efficient regulatory framework. 💼💪
The U.K. Treasury’s defense doesn’t hold water. Meeting with crypto firms is one thing, but actively mediating their communication crosses a line. Time to hold Hammond and the Treasury accountable for their actions!
Lord Hammond’s willingness to act as a mediator between Copper’s CEO and Treasury officials shows his commitment to finding common ground. 🤝 These constructive conversations are key to developing balanced and fair regulations. 🗣️
Lord Hammond’s role as a Senior Adviser at Copper is a testament to his expertise and dedication to the crypto industry. 🤝 He is well-positioned to bring valuable insights and contribute to the success of the firm. 💼
Lord Philip Hammond’s sincere intentions shine through in his interactions with Copper’s CEO and the Economic Secretary. 🔎 He genuinely wants to contribute to the advancement of the crypto sector in the U.K. 🇬🇧
This is just another example of politicians using their influence for personal gain. Shame on Hammond for betraying the public’s trust!
Lord Hammond’s insistence on the need for improved crypto regulation reveals his dedication to building a thriving industry in the U.K. 💪 Let’s hope his efforts pave the way for a comprehensive and forward-looking regulatory framework. 🚀
Lord Hammond’s genuine concern for the U.K.’s lagging cryptocurrency regulation is evident. It’s high time we catch up with our European counterparts and create a thriving environment for crypto businesses.
Kudos to Lord Hammond and the U.K. Treasury for actively seeking to learn about the crypto sector and develop appropriate policies. 💼 This open-mindedness demonstrates a commitment to innovation and progress. 🚀