Biden's comms director barred from former crypto clients: 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.
According to an April 22 Bloomberg Law report, 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 in LaBolt's public financial disclosure report on April 21.
Both firms were former clients of Bully Pulpit Interactive (BPI) – where LaBolt was previously a partner – paying 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 (BTC) and $15,001-$50,000 in Ethereum 2 (ETH2).
Related: 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.
This comes after Biden signed an executive order (EO) on digital assets on March 9.
While the EO didn’t specify any regulatory actions, it outlined an interagency process that will involve 16 high
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