UK Member of Parliament Joins IronX Crypto Exchange then Leaves a Few Days Later
Stephen Hammond, an MP in the UK Parliament and a member of Conservative Party, joined IronX cryptocurrency exchange last week as an advisor, but later quit, serving for only four days.
Stephen Hammond began working with IronX last week but left his position on October 25. According to the exchange, the Member of Parliament was serving as an advisor on maters to do with government relations.
The firm also acknowledged that the MP received his dues in terms of IRX, its native token.
Position Seen as Conflict of Interest
Hammond’s position as an advisor to IronX digital asset exchange was seen as a conflict of interest, and many people were curious why he could accept the offer in the first place. He is among the members of the Treasury Committee that’s tasked with study blockchain technology and cryptocurrencies.
The Treasury committee which the Conservative MP seats in has previously cautioned about the risks of cryptocurrencies, especially to retail investors. Considering that IronX is a cryptocurrency exchange, which publicly advocates for digital asset trading, Hammond working for the firm could be clearly seen as conflicting.
At first Stephen Hammond believed that his decision to work for IronX as an adviser was well-suited considering that he was experienced in matters to do with cryptocurrency and politics. However, after thinking about it, he had no option but to quit after a few days to prevent a conflict of interest between his main employer – The UK government – and the digital asset exchange.
In his own words, the MP stated that:
“Crypto is going to be increasingly going to be a major part of the financial world and therefore it may well affect a number of Treasury Select Committee inquiries, and potentially therefore that might cause a greater conflict than I had first hoped it might.”