The Former U.K. Chancellor’s Interactions with Crypto Startup Copper Raise Questions
Former U.K. Chancellor Philip Hammond is under scrutiny for his interactions with crypto startup Copper before leaving office. Documents from the U.K. Treasury reveal that Hammond and then-economic secretary John Glen met with Copper CEO Dmitry Tokarev to discuss regulatory concerns raised by the company. Hammond, who joined Copper in 2021 after leaving his post in 2019, relayed feedback from Copper’s meeting with Treasury officials to Glen.
The British Advisory Committee on Business Appointments prohibits ex-ministers from lobbying their former departments for two years after leaving office, but exceptions can be made. Both Hammond and Treasury representatives claim that transparency procedures were followed correctly.
In response, Hammond stated that he had a strong interest in the health of the U.K.’s financial services sector and fintech’s potential to maintain the country’s global financial hub status. He denied considering his interactions with Glen as lobbying.
About Copper
Copper is a London-based crypto infrastructure provider offering custody, prime brokerage, and settlement services to institutional investors trading cryptocurrencies. The company has raised $281 million in funding from notable investors such as Barclays Ventures and Tiger Global Management.
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