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Labour peer wrote to Treasury on behalf of crypto firm he advised
- Labour peer Iain McNicol wrote to Treasury on behalf of cryptocurrency firm Astra Protocol, raising concerns over potential rule violations.
- McNicol, an adviser to Astra Protocol, submitted views on regulation in a letter to Treasury, despite the consultation deadline having passed.
- Questions arose regarding House of Lords rules prohibiting peers from providing parliamentary services to paying organizations.
- Tom Brake of Unlock Democracy called for urgent clarification on McNicol's actions and potential loophole identification by media outlets.
- Astra Protocol, focusing on regulatory compliance tools, faced a significant drop in the value of its cryptocurrency token.
- McNicol joined Keir Starmer's frontbench in the House of Lords after leaving his consultancy role at Astra Protocol in September 2023.
- McNicol's advisory work involved anti-money laundering technology, which he highlighted in public consultations and speeches.
- His involvement with private interests while discussing Labour policy has raised ethical concerns.
- McNicol's diverse portfolio includes roles in financial services, such as chairing an oversight board for a money lender and advising industry groups.
- He also runs McNicol Consulting with a client list that includes the International Republican Institute linked to the US Republican party.
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