According to a report by Bloomberg Law on April 21, United States President Joe Biden will prohibit his communications director from handling legal matters related to any cryptocurrency or technology firms he has previously worked with, but will still allow him to advise on cryptocurrency regulation.
Bully Pulpit Interactive (BPI), where White House Communications Director Ben LaBolt was previously a partner, represented decentralized exchange Uniswap and venture capital firm Andressen Horowitz, among other clients.
LaBolt disclosed holding a sum between $50,001-$100,000 in Bitcoin (BTC) and $15,001-$50,000 in Ethereum 2 (ETH2).
The report states that LaBolt’s restrictions are consistent with ethics rules followed by other senior White House staff. Despite these restrictions, LaBolt will be permitted to advise on the President’s approach to regulating cryptocurrency and social media firms.
In March, Biden signed an executive order on digital assets, which outlined an interagency process involving 16 high officials to generate a series of detailed reports at intervals ranging from 90 days to over a year.
Republican “Crypto Senator” Cynthia Loomis of Wyoming praised the Biden administration’s growing interest in digital assets, while Ari Redborn, head of legal and government affairs for blockchain-based intelligence firm TRM Labs, expressed unexpected positivity towards the executive order.