Iain McNicol, a Labour peer and trade envoy, has apologized for violating the House of Lords code of conduct by promoting Astra Protocol, a cryptocurrency firm, while being compensated as an advisor. His correspondence with the Treasury highlighted the firm's team as capable of offering significant insights in the crypto regulatory space. The breach uncovered by a Guardian investigation raised concerns regarding the integrity of parliamentary services amidst ongoing scrutiny of peers' commercial interests. Despite being previously retained by Astra Protocol, McNicol emphasized that he was not specifically paid for this submission to HM Treasury, a claim the standards commissioner contested.
I consider that by writing a letter to HM Treasury officials in his own name on behalf of Astra Protocol, Lord McNicol provided a paid parliamentary service to Astra Protocol.
Astra Protocol's team was uniquely placed to provide meaningful insights into the challenges and opportunities that come with regulating DeFi and other crypto assets.
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