Soon
- Copper is a UK based cryptocurrency custodian
- He selected a prominent figure from the Conservative party as his consultant.
Cryptocurrency companies have long demanded greater regulatory certainty from governments, and have also made it known that any government regulation should be favorable to their industry. With many jurisdictions still looking cautiously at newcomers, cryptocurrency companies have employed a classic tactic: hiring former regulators and legislators.
latest example is Philip Hammond, who was UK Chancellor of the Exchequer under former Prime Minister resa May from 2016 to 2019. He joins UK digital asset custody startup Copper as a senior consultant.
chancellor has more or less the same role as the secretary of the treasury in the United States; this, then, would be analogous to Steven Mnuchin addressing rival cryptocurrency custodian Anchorage.
According to a company press release, Lord Hammond will inform the company how it uses $ 75 million in Series B funds to expand into the North American and Asian markets. Copper, which allows institutional investors, banks, hedge funds, exchanges and others to trade their cold storage assets without having to worry about trade safety, has been circulating recently. It was one of the main sponsors of the recent SALT investment conference in New York and the Messari Mainnet last month as it seeks to generate name recognition and strengthen a client list that includes Algorand, the decentralized financial network Radix and the provider of Keyrock’s liquidity. .
Honored that former UK Chancellor @PhilipHammondUK joined Copper as Senior Advisor.
Lord Hammond’s presence will support our collective vision to bring DLT to the fore and drive global finance towards transparency, democratization and digitization. pic.twitter.com/qFdf1dcR3W
– Copper (@CopperHQ) October 11, 2021
Lord Hammond called the company “a true pioneer of digital asset investment technology” and hinted that his appointment could further the company’s global ambitions: “If we can bring together the best of Britain – entrepreneurs, industry, government and regulators) to create and enable a blockchain-based ecosystem for financial services, we will ensure the UK’s global leadership in this field for decades to come. ‘
former Conservative Chancellor joins a fleet of other former government officials on crypto teams. In March, cryptocurrency exchange Binance chose former Democratic senator and finance commission chairman Max Baucus as an advisor, the same week the Bitcoin and Blockchain wallet exchange. added Obama’s deputy chief of staff, Jim Messina, to his board of directors.
In August, cryptocurrency custodian Fireblocks added former SEC Chairman Jay Clayton to its advisory council. Bill Hinman, CFO of the company’s SEC division, who created the famous column “decentralized enough” to determine whether crypto assets are securities, left the agency last October only to end up as an advisory partner at venture capital firm Andreessen. Horowitz this June.
However, not everyone got stuck. Brian Brooks spent a stint as US currency controller in the position of CEO on the Binance US exchange before abruptly resigning three months later. report allegedly unveiled as Brooks has sought to more completely separate the US subsidiary from its fired mothership to travel in healthy, regulatory waters, only for Binance CEO Changpeng Zhao to order a course change.
Christopher Giancarlo, former chairman of the Commodity Futures Trading Commission, joined the board of cryptocurrency lender BlockFi in April. A little over four months later, when the startup attracted the attention of state bond regulators, Giancarlo resigned with immediate effect instead of “providing strategic advice to the firm in an advisory role.”
overall state of regulatory relationships for cryptocurrencies in the US and UK remains unstable. President Biden, for example, has pinned a top crypto industry critic to serve as head of the OCC. If confirmed, it could decide to reverse the pro-industry rules set by Brooks. This included the ability for banks to hold digital assets and mint their own. stablecoin.
On the other hand, the administration has suspended other much less favorable rules launched in the last days of the Trump administration that would have aligned digital assets with the Bank Secrecy Act. Biden is reportedly planning an executive order directing federal agencies to investigate cryptocurrencies. and provide regulatory recommendations.
Meanwhile, the UK, through the Financial Conduct Authority, has continually sounded the alarm for crypto investors. Charles Randell, chairman of the FCA last month Suggested regulators make it difficult to use cryptocurrencies in financial crimes. But he added that regulators must consider how to support innovation and where to draw the line between investor freedom and consumer protection.
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