Labour peer wrote to Treasury on behalf of crypto firm he advised

Iain McNicol told the Treasury’s consultation that Astra Protocol’s team meant it was ‘uniquely placed to provide meaningful insights’ into the challenges and opportunities of crypto assets. Composite: Guardian Design/AFP/Getty Images/Rex Features

A Labour peer who served on Keir Starmer’s frontbench wrote to the Treasury on behalf of a cryptocurrency firm that was paying him as an adviser, raising questions about whether this was within the rules.

Iain McNicol, 55, advised the Dubai- and Zurich-based Astra Protocol, a tech startup that launched a cryptocurrency token, which has plunged in value by 99.7% since its peak.