U.K.’s Conservative Party member, Stephen Hammond has quit his advisory role at the IronX crypto exchange. Stephen had joined the exchange as an advisor on government relations, last week. However, reports have revealed that he lasted just four days in the position before announcing his decision to quit.
When he assumed the role of advising on government relations, it did seem a little odd considering Hammond is a member of the Treasury Committee and he has been a part of its ongoing inquiry into crypto assets. He has also been a part of the evidence sessions and co-authored the Treasury Committee’s recent report on cryptocurrencies.
It seemed a bit off that Stephen is joining the IronX crypto exchange, which is a company whose explicit goal is to increase crypto trading amongst inexperienced retail investors. Also, it was not that he was joining a crypto exchange either. The IronX exchange is raising funds via an initial coin offering (ICO). It has already raised more than $22 million in a private sale so far.
After leaving university, Stephen joined the Conservative Party becoming actively and immediately involved in his local association in Hertfordshire. In May 2005, he was elected as the Member of Parliament for Wimbledon and subsequently promoted to the position of Shadow Minister for Transport. Prior to his stint in politics, Stephen had a successful career in leading fund house management, finance and also worked for major investment banks, as stated in his bio on his official website.
When he was asked to comment on his decision to quit his role at the IronX crypto exchange with a week’s time of joining, Stephen stated that he initially felt he was well-suited for the role owing to his experience in both politics and cryptocurrency. However, after mulling upon the idea properly, he felt that there could be a conflict of interest between his role at the exchange and in government. When he was grilled about IronX’s goals being at odds with the Treasury Committee’s reports on the crypto space, quite unsurprisingly, Stephen declined to comment, as stated in the Financial Times, Alphaville column.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]