The White House communications director, Ben LaBolt, also possesses over $50,000 worth of Bitcoin and over $15,000 of Ethereum 2, according to a recently published financial disclosure report.
United States President Joe Biden will reportedly ban his communications director from handling matters related to any crypto or technology firms he has previously worked with, while allowing him to advise on crypto regulation.
, the White House communications director Ben LaBolt will be barred from “participating in legal matters, investigations, or contracts involving cryptocurrency or technology firms he previously represented.” Decentralized exchange UniSwap and venture capital firm Andressen Horowitz – an early investor in Coinbase Global Inc – were both stated as former clients of Bully Pulpit Interactive , where LaBolt was previously a partner, in a public financial disclosureBoth firms were among a list of 23 clientpaying fees exceeding $5,000 in a year to BPI.Meta Platforms, Shopify, and West Street – the family office of Meta CEO Mark Zuckerburg and his wife Priscilla Chan – were also included in the list of 23 clients exceeding $5,000 in a year. Meanwhile in the assets and income section, LaBolt disclosed that he holds $50,001-$100,000 in Bitcoin and $15,001-$50,000 in Ethereum 2 .Stress test? What Biden’s bank bailout means for stablecoins “LaBolt’s restrictions are in line with ethics rules followed by other senior White House staff,” the report added. Despite the restrictions expected to be put in place, it was reported that LaBolt will be allowed to advise on the president’s approach to regulating cryptocurrency and social media companies.While the EO didn’t specify any regulatory actions, itthat will involve 16 high officials, initially starting with the task of producing an elaborate series of reports. These reports are due at intervals ranging from 90 days to over a year from the publication of the EO.Republican “Crypto Senator” Cynthia Loomis of Wyoming commented on the executive order saying “it’s great to see the Biden administration’s growing interest in digital assets.” Meanwhile, Ari Redborn, head of legal and government affairs for blockchain-based intelligence firm TRM Labs, said that he was “expecting certain things and the positive tone was not necessarily one of them.”
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