Iain McNicol, the former general secretary of the Labour party, is under investigation by the House of Lords for allegedly breaching conduct rules after he advised a cryptocurrency company, Astra Protocol, that was compensating him. The inquiry was launched following revelations regarding McNicol's engagement and potential profit from his membership in Parliament through accepting payments for advice. McNicol had written to the Treasury advocating for the crypto industry, highlighting challenges and opportunities of regulation, while Astra Protocol has seen a drastic decrease in the value of its token since his involvement.
The House of Lords standards watchdog is investigating Iain McNicol for potential breaches of conduct after he advised a cryptocurrency company that paid him.
McNicol's advisory role for Astra Protocol, a crypto startup, raises concerns over the acceptance of payments for parliamentary advice, violating House of Lords rules.
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