Former UK Finance Minister Denies Allegations of Crypto Lobbying
Lord Philip Hammond, the former Chancellor of the Exchequer in the UK, has refuted claims that he engaged in illegal lobbying for cryptocurrency company Copper. Hammond is currently serving as the Chair of the Switzerland-based crypto firm. While his official roles with Copper fall outside the two-year window after his resignation as Finance Minister, his actions are currently being investigated within that period. A report by the Financial Times revealed that Hammond brokered a meeting between Copper’s CEO and UK Treasury officials in March 2021. However, Hammond denied that these actions constituted lobbying and stated that he did not try to influence the officials.
Regulation of Cryptocurrency in the UK
The UK has taken a relatively welcoming approach to cryptocurrency firms compared to the US but still lags behind other jurisdictions in terms of regulatory clarity. The British government recently announced plans to regulate crypto within the existing framework for traditional finance activities. According to the proposal, crypto exchanges operating or targeting customers in the UK will require authorization from the Financial Conduct Authority (FCA). However, decentralized finance (DeFi) activities are not included in the proposed regulation at this stage. Former FCA Chair Charles Randell criticized this approach, arguing that bespoke legislation is needed to address the unique risks posed by the crypto space. The UK Treasury intends to introduce secondary legislation related to crypto later this year.
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