Stephen Hammond, a Member of Parliament and current Member of the UK Treasury Select Committee, has agreed to advise IronX on government relations. IronX is a cryptocurrency exchange that “aims to bring crypto trading to the mass retail market.
IronX has also reported the successful private sale of their initial coin offering (ICO). The IRX token will launch a public sale on November 1st. The public sale is offering 82 million IRX tokens at a price of USD$ 0.42 each. This represents 16% of the total 500 million IRX tokens created for use within the IronX exchange.
Prior to becoming an MP, Hammond worked in the financial markets for twenty years with funds and investment banks. IronX says that “Hammond understands the need for the financial services industry to engage with both decision makers and stakeholders,” in the crypto sector.
“He will bring his expertise in traditional financial markets alongside the perspective of policymakers and regulators, with a view to assisting in the development of effective regulation for the emerging cryptocurrency sector.”
Hammond issued a comment on the announcement:
“The only way cryptocurrencies will be trusted and become accepted in the traditional business environment is through regulation. We are all on a steep learning curve to understand this new asset class. This includes governments, policymakers, regulators and the financial services industry. Governments cannot afford to be ambiguous in their stance and need to engage with the industry. I believe that a great opportunity exists to improve the current status quo of the financial system. I look forward to being part of such an exciting new era with IronX.”
“Achieving regulatory approval was a key milestone we wanted in place before launching the Exchange to the public. Together with our Advisory Board, we are interested in having an insightful dialogue with industry decision makers and policy makers, to help implement fit-for-purpose governance and regulation for crypto.”