Apr 24, 2023

White House Communications Director Ben LaBolt Barred from Crypto Matters

The White House has taken action to ensure that President Joe Biden’s communications director Ben LaBolt does not have any involvement in the crypto space. According to a Bloomberg Law report on April 21, LaBolt will be barred from participating in any legal matters, investigations, or contracts involving cryptocurrency or technology firms he previously represented.

The report was based on LaBolt’s public financial disclosure report, which revealed that he had previously worked with decentralized exchange Uniswap and venture capital firm Andressen Horowitz — an early investor in Coinbase. The report also stated that Meta Platforms, Shopify, and West Street — the family office of Meta CEO Mark Zuckerburg and his wife, Priscilla Chan — were also listed as clients paying fees exceeding $5,000 in a year to BPI.

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).

The White House communications director will be restricted from any involvement in the crypto space, however he will still be able to advise on the president’s approach to regulating cryptocurrency and social media companies. This comes after President Biden signed an executive order on digital assets on March 9, which outlined an interagency process that will involve 16 high officials, initially starting with the task of producing an elaborate series of reports.

The executive order has been met with a positive response from government officials and industry leaders. Republican “Crypto Senator” Cynthia Loomis of Wyoming commented on the executive order, saying, “It’s great to see the Biden administration’s growing interest in digital assets.” Meanwhile, Ari Redborn, head of legal and government affairs for blockchain-based intelligence firm TRM Labs, said he was “expecting certain things and the positive tone was not necessarily one of them.”

The crypto space has been growing rapidly in recent years and the Biden administration’s decision to focus on regulation of digital assets is an important step in the right direction. This will help ensure that the industry is safe, secure, and compliant with the law. It will also provide clarity for NFT marketers and web3 agencies looking to promote and sell their NFTs.

As the industry continues to grow, it is becoming increasingly important for NFT marketers and web3 agencies to utilize Twitter NFT marketing and other creative strategies to reach their target audiences. NFT marketing agencies can help create effective campaigns to promote and sell NFTs, while also ensuring that the campaigns are compliant with the law.

The Biden administration’s executive order is a sign that the government is taking the crypto space seriously, and it is likely that the industry will continue to grow and evolve in the months and years to come. With the right strategies and the right team in place, NFT marketers and web3 agencies can take advantage of the opportunities that the industry has to offer.

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