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President Joe Biden will bar his newly appointed communications director, Ben LaBolt, from participating in legal matters, investigations and contracts involving crypto firms he previously worked with.
The Biden administration’s newly appointed communications director will be forbidden from “participating in legal matters, investigations, or contracts involving cryptocurrency or technology firms he previously represented,” Bloomberg Law reports.
LaBolt previously represented firms, including Meta Platforms Inc., Shopify Inc., and venture capital firm Haun Ventures LLC. His clients also included West Street – a family office of Meta CEO Mark Zuckerberg and his wife, Priscilla Chan.
However, Ben LaBolt, who joined the Administration only last month, will be allowed to advise President Biden on regulating cryptocurrency and social media companies.
A White House ethics disclosure reveals LaBolt also dealt with crypto exchange Uniswap and Andreessen Horowitz – an early investor in Coinbase Global. The communications director was a partner at outcomes agency Bully Pulpit Interactive (BPI).
LaBolt Holds Bitcoin and Ether
LaBolt was appointed amid the increasing pressure on the White House to improve its engagement in Washington’s approach to digital assets. The Biden administration has been publicly criticized for its crypto approach as its attempts to stifle the industry continues.
Crypto executives have also complained, “that the industry lacks clear rules and investors are facing billions of dollars in potential losses.”
Although LaBolt’s role in cryptocurrency will be limited, it is a bullish sign on the Administration’s part.
LaBolt has publicly disclosed that he has stakes in both Bitcoin and Ether.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.