Iain McNicol, a Labour peer, raised ethical concerns after advising cryptocurrency firm Astra Protocol while communicating with the Treasury. His involvement came to light when he submitted views on crypto regulation to a consultation that had already closed. McNicol highlighted his firm's distinguished team and urged against regulations that could limit innovation in the cryptocurrency space. The legitimacy of his actions is questioned by political observers, given the timing and nature of his advisory role and correspondence with government officials.
In his letter, Lord McNicol emphasized that Astra Protocol's team comprised industry veterans, hence offering unique insights into the regulatory challenges and opportunities in the crypto landscape.
Tom Brake, director of Unlock Democracy, expressed concerns about whether McNicol's interactions with Treasury officials adhered to House of Lords protocols and ethical guidelines.
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