Lord Hammond Steps Down from Crypto Firm Copper as Company Shifts Focus to U.S.
Former U.K. finance minister Lord Philip Hammond is stepping down as chairman of the crypto firm Copper, a move that highlights Britain’s ongoing struggle to keep up with global competition in the digital assets sector.
Hammond, who served nine years in senior government roles including three years as Chancellor of the Exchequer, has been one of the most vocal advocates for crypto in the U.K. Since joining Copper in 2023, he pushed for clearer regulations that could make Britain a leader in the industry, especially after Brexit.
But Copper has faced persistent setbacks in its bid to secure approval from the Financial Conduct Authority (FCA). After three years of delays, the company pulled its application and instead looked overseas, securing licenses in Switzerland and Abu Dhabi.
Now, Copper is redirecting its growth strategy to the U.S. market, where appetite for crypto has surged since Bitcoin exchange-traded funds (ETFs) launched on Wall Street in early 2024.
The company has also faced challenges beyond regulation. Despite rising crypto prices, Copper has yet to achieve profitability, recording net losses of $84.1 million in 2022 and $62.1 million in 2023. It also drew negative publicity in 2024 after hosting a controversial event in London, which the firm later admitted was “embarrassing.”
Hammond will remain a shareholder, but reports suggest he will be replaced by an American finance executive later this year.
Industry analysts say his departure is symbolic: the U.K. risks losing its position in the global crypto race, while the U.S. continues to attract major firms under friendlier conditions. However, experts warn that America’s regulatory climate could change quickly depending on future political shifts.
For now, Hammond’s exit signals that even his influence and political connections could not help Copper overcome Britain’s slow-moving regulatory environment.