New Restrictions for White House Communications Director
In an unexpected twist in the thrilling saga of cryptocurrency regulation, President Joe Biden has reportedly decided to rein in his communications director, Ben LaBolt. According to an April 21 Bloomberg Law report, LaBolt will be specifically barred from handling any matters related to crypto or technology firms that he previously represented during his time at Bully Pulpit Interactive (BPI). This includes well-known players like Uniswap and venture capital giant Andreessen Horowitz, just to name a few. Looks like LaBolt will have to put all his crypto contacts on ‘Do Not Disturb’ mode!
Earnings, Assets, and Full Disclosure
LaBolt’s public financial disclosure revealed some intriguing tidbits about his personal assets. He reported holdings between $50,001 and $100,000 in Bitcoin and assets of $15,001 to $50,000 in Ethereum 2. Talk about being financially tech-savvy! However, he’ll no longer be able to cash in on any inside knowledge when it comes to advising cryptocurrencies or tech firms he’s previously worked with. It’s like being told you can still talk about investing but can’t touch any of the cakes at the party!
Guidelines in Compliance with Ethics
The outlined restrictions aren’t just random whims of bureaucracy; they align with the ethics guidelines that govern senior White House staffers. As it turns out, the whole operation is designed to maintain a level of integrity and public trust in the administration’s dealings in the cheeky world of digital assets. Ethics rules: always the party pooper.
Advisory Role on Crypto Regulation
Despite the restrictions, LaBolt won’t be totally sidelined. He is still expected to lend a hand in advising the president on his overall approach to regulating the tumultuous crypto space, which will likely sound a lot like herding cats. With the executive order that Biden signed on March 9, it looks like the government is gearing up for an interagency process that involves no less than 16 high-up officials, all reporting back with detailed findings on proposed regulations in the coming months. Grab your popcorn; this series is going to have some plot twists!
Industry Reactions
The executive order has attracted a flurry of reactions from the government and industry leaders. Notably, Crypto Senator Cynthia Loomis of Wyoming applauded the Biden administration’s escalating engagement with digital assets, while others, like Ari Redborn from TRM Labs, are tinged with skepticism regarding the administration’s tone towards this thrilling, yet precarious landscape. One thing’s for sure: the cryptocurrency soap opera continues, and everyone is tuning in!
