Former British Prime Minister Under Investigation
Lord Philip Hammond, Britain’s finance minister and prominent cryptocurrency advocate, is facing allegations that he breached lobbying rules for former ministers.
Communication with Crypto Firm CEO
In March 2021, Hammond reportedly acted as an intermediary between then-Treasury Economic Affairs Minister John Glen, Treasury officials, and Dmitry Tokarev, CEO of cryptocurrency company Copper. Documents obtained through a Freedom of Information Act request show that Hammond facilitated communication between the parties.
Interaction being investigated
As reported by the Financial Times, Hammond relayed Copper’s concerns about regulatory changes for cryptocurrency companies to Treasury officials. These interactions occurred before Hammond officially joined Copper as a senior advisor in August 2021.
denial and defense
Hammond denied any wrongdoing, saying he did not consider his actions lobbying. He made it clear that he had not asked Glen to facilitate a meeting between the Treasury and Copper and that he judged it inappropriate. The Treasury also defended its position, claiming that meetings with cryptocurrency companies are routine to better understand the sector and inform policy developments.
Previous Cryptocurrency Regulation Advocate
In June 2022, Hammond publicly expressed concerns about the UK lagging behind the European Union in cryptocurrency regulation. Despite the country’s past agility in embracing new technologies, Hammond attributed the lack of progress in cryptocurrency regulation to capacity constraints.
ongoing investigation
The charges against Hammond highlight the complexity of interactions between former government officials and private sector companies, especially in emerging sectors such as cryptocurrency. As the investigation continues, scrutiny of lobbying activities and compliance increases.