Former Economic Secretary to the Treasury (EST) Tulip Siddiq reportedly didn’t meet a single crypto company on behalf of the new UK Labour government, according to unnamed industry insiders speaking with Sifted.
Indeed, according to Sifted, Siddiq actually canceled meetings with crypto companies.
Siddiq became the EST, otherwise known as City Minister, in July and helped introduce the UK’s 2026 crypto regulation roadmap as part of her role overseeing the financial services industry. However, she resigned this month following pressure in the wake of an anti-corruption investigation.
According to the aforementioned insiders, her contribution to crypto regulation wasn’t enough and she failed to make the space a priority. “The optics mean a lot to business guys particularly if you’re an American VC,” they told Sifted.
Sifted also learned via a freedom of information request that the previous Conservative government spent five years lobbying investment powerhouse Andreessen Horowitz (a16z) to open a crypto office in London.
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A16z shuttered its UK office last Friday while Anthony Albanese, the COO of ai16z’s crypto arm, claimed it would focus on the US “given the new administration’s strong policy momentum.”
He said, “This doesn’t change our confidence in the UK’s growing role in crypto and blockchain. We will continue to invest in great entrepreneurs no matter where they are in the world, including the UK.”
A16z changed its tune after two years in UK
When a16z first opened its UK crypto office in 2023, the US and the actions of the Securities and Exchange Commission were considered unfriendly towards crypto.
In a meeting in April 2023 between the former Economic Secretary Andrew Griffith and Brian Quintenz, a16z’s global head of policy, Quintenz reportedly said, “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.”
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However, after crypto lobbyists raised $197 million to spend on the US election and Donald Trump’s return, political attitudes towards crypto became more favorable. A16z founders Marc Andreessen and Ben Horowitz both supported Trump.
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