UK Labour’s City Minister Snubbed Crypto Industry Before Resignation, Report Says

  • Former UK Economic Secretary Tulip Siddiq avoided meetings with cryptocurrency companies during her tenure.
  • UK Conservative government spent five years courting a16z to establish London presence.
  • A16z closed its UK office, citing preference for US market conditions.
  • Political shifts in US crypto regulation influenced a16z’s strategic withdrawal from UK.
  • UK crypto regulation roadmap faces uncertainty following Siddiq’s resignation.

Former Economic Secretary to the Treasury Tulip Siddiq maintained distance from cryptocurrency industry representatives during her tenure, according to industry sources speaking with Sifted. This revelation comes as major venture capital firm Andreessen Horowitz (a16z) announces closure of its London operations.

- Advertisement -

Political Shifts and Regulatory Impact

Siddiq, who resigned in January 2024 amid an anti-corruption investigation, had overseen the development of the UK’s 2026 cryptocurrency regulatory framework. Industry insiders criticized her apparent lack of engagement, with one source telling Sifted: “The optics mean a lot to business guys particularly if you’re an American VC.”

A16z’s Strategic Withdrawal

Anthony Albanese, COO of a16z’s cryptocurrency division, explained the firm’s exit from London, citing stronger policy momentum in the United States. This marks a reversal from 2023, when the US regulatory environment prompted a16z’s expansion into the UK market.

US Political Landscape Reshapes Strategy

The cryptocurrency sector’s political influence in the US has grown substantially, with industry lobbyists investing $197 million in election-related activities. A16z founders Marc Andreessen and Ben Horowitz have aligned themselves with pro-cryptocurrency political positions, reflecting the industry’s shifting focus toward US market opportunities.

During an April 2023 meeting, a16z’s global policy head Brian Quintenz had expressed concerns about US regulatory uncertainty, stating: “The lack of regulatory clarity in the US is helping bad actors and hurting good ones, as those who follow ethical and regulatory good practice are left at a competitive disadvantage.”

✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.

Previous Articles:

- Advertisement -

Latest

Man Faces Prison for Hiding $13M in CryptoPunk NFT Sales from IRS

Pennsylvania man Waylon Wilcox faces up to six years in prison after pleading guilty to concealing over $13 million in CryptoPunks NFT sales income.Wilcox...

Gold-Backed Cryptocurrencies Surge as Investors Seek Digital Safe Haven

Gold-backed cryptocurrencies like Paxos Gold (PAXG) and Tether Gold (XAUT) have surged over 24% year-to-date to all-time highs above $3,300.While tokenized gold has thrived...

Mantra (OM) token plummets 90% in 24 hours, wipes out $6B market cap

Mantra (OM) token has crashed over 90% in 24 hours, plummeting from $6.3 to under $0.50, wiping out most of its $6 billion market...

Crypto Gaming Tokens Plummet, Vanish from Top 100 as Market Struggles

Gaming tokens have disappeared from the top 100 cryptocurrency rankings by market cap despite having six representatives a year ago.Eve Frontier launched a 10-day...

Trump to impose new semiconductor tariffs on electronics within months

Commerce Secretary Howard Lutnick clarified that recent tariff exemptions for consumer electronics are only temporary.New semiconductor-focused tariffs are expected within "a month or two"...

Must Read

Top Best Metaverse Worlds To Buy Land

The metaverse has grown in our everyday conversation since Facebook announced its rebranding in October 2021 to META. The metaverse is a virtual world,...