Biden Prevents Communications Chief from Crypto and Tech Engagements (1)


President Joe Biden has announced that his new Communications Director will be barred from participating in any legal matters, investigations or contracts that involve cryptocurrencies, technology firms or the companies he previously worked with, which include Meta Platforms Inc., venture capital firm Haun Ventures LLC, and Shopify Inc.

However, Ben LaBolt, who recently joined the White House team, is permitted to provide advice on President Biden’s approach to the regulation of crypto and social media companies, as stated in a statement on Friday.

LaBolt was previously serving as a spokesman for West StreetThe family office Meta It is a good idea to use the word “youthfulness” when referring to it. Mark Zuckerberg And his wife Priscilla Chan. Additionally, he worked for the cryptocurrency exchange Uniswap and venture capital firm Andreessen Horowitz. Investors Industry giant Coinbase Global Inc.

The restrictions applied to LaBolt are in accordance with the ethics regulations that other high-ranking White House staff must adhere to. His The appointment is a very important step. Biden The administration is receiving calls to take a more active part in Washington’s policy on digital currency, as crypto executives express frustration with the lack of clear regulations and investors are facing billions of dollars in possible losses.

“As Bloomberg has accurately reported, President Biden has consistently worked to ‘curb the power of big tech’,” said Robyn Patterson, a spokeswoman for the White House, in a statement to Bloomberg Government. “The president is steering our policy.”

The The collapse of FTX by 2022 has re-energized efforts to pass new legislation to regulate the industry. Biden He has also expressed his disapproval of social media companies, accusing them of propagating false information about the coronavirus and “killing people” with inaccurate pandemic claims.

LaBolt previously worked on Barack Obama’s presidential campaign and served as an aide in the White House. In 2016, digital marketing firm Bully Pulpit Interactive Buy The communications business of the Incite Agency.

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