“In March 2021, Hammond acted as an intermediary between the Economic Secretary for the Treasury, John Glen, and the CEO of Copper, Dmitry Tokarev,” theFinancial Times reported. Allegations of breaching lobbying rules 
Treasury documents suggest that Glen instructed officials to use Hammond as a liaison for communication with Tokarev. “A week after the Treasury officials had met with Tokarev, Hammond spoke to Glen on the phone, letting him know that the Copper CEO was incredibly impressed by the meeting,” the report continued. Hammond also communicated Copper’s concerns about the speed of regulatory changes for crypto companies to the <a href="https://news.todayq.com/u-s-treasury-secretary-yellen-encouraged-authorities-to-implement-stablecoin-regulations/" target="_blank" rel="noopener noreferrer nofollow">Treasury Secretary</a>.
These interactions raise questions about potential lobbying activities. As they occurred less than two years after Hammond left his position as Chancellor in July 2019. According to the British Advisory Committee on Business Appointments, ex-ministers are typically restricted from lobbying their former departments for two years after leaving office.
“I didn’t consider my interactions with Glen in the spring of 2021 to be lobbying,” Hammond told the Financial Times. “I didn’t ask the Economic Secretary to facilitate any meeting between the Treasury and Copper, as it would be inappropriate.” Hammond described his phone call to Glen in March 2021 as a ‘regular, if not particularly frequent’ contact with a ‘close political friend.’ Ex-chancellor’s defense and clarifications 
Both Hammond and Treasury representatives assert that transparency procedures were followed appropriately. However, concerns remain regarding the timing and nature of Hammond’s involvement with <a href="https://news.todayq.com/coinbase-shifting-focus-from-us-ex-uk-chancellor-joins-coin/" target="_blank" rel="noopener noreferrer nofollow">Copper</a>. Particularly given the restrictions on lobbying for former ministers.
“I had a deep shared interest in the health of the UK Financial Services sector, and particularly in the potential of fintech to help the UK maintain its role as a globally significant financial hub,” Hammond said in a statement to the Financial Times. “I did not consider my interactions with Glen to constitute lobbying.”
Copper, founded in 2018, is a London-based crypto infrastructure provider offering services such as custody, prime brokerage, and settlement to institutional investors. The company garnered substantial funding. Accumulating a total of $1 million through six funding rounds. From investors including Barclays Ventures and Tiger Global Management, according to Crunchbase data. The global crypto market cap rises to $1.79T with a 4.65% increase, as scrutiny mounts over UK ex-chancellor’s crypto ties.
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UK Ex-Chancellor faces scrutiny over alleged crypto lobbying breach

Todayq News

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