President Biden has appointed Ben LaBolt as the new communications director to the White House, with LaBolt holding significant crypto-assets worth between $50,000 and $100,000. As part of the appointment, President Biden has put measures in place to restrict LaBolt from getting involved in discussions involving cryptocurrency and technology firms that he has previously represented like Meta Platforms, Haun Ventures and Shopify. His second restriction is permitting LaBolt to advise on the president’s approach to regulating cryptocurrency and social media companies.

The same procedures to restrict LaBolt have been employed among other White House members. Meanwhile, the White House has released an economic report which mostly dismissed bitcoin and its potential benefits, but also looked into the various factors that largely contribute to making the US dollar a trustworthy currency.

The Biden administration then released a roadmap which included the working plan regarding the investigation of an American Central Bank Digital Currency (CBDC). The challenges covered in the report mainly included that of the FTX crash in 2022.

It’s worth noting that there has been mounting regulatory pressures from different government agencies that has led major firms such Coinbase, America’s biggest exchange, to consider relocating overseas. This highlights the fact that the Biden Administration has been sluggish to realize the immense capacity of the cryptocurrency industry in generating jobs and economic advancement, along with the various advantages of the general adoption of bitcoin.



Other News from Today