Ben LaBolt, President Joe Biden's Communications Director, has been declared to have a background of dealing in digital assets such as Bitcoin (BTC) and Ethereum (ETH). As per his public disclosure form, he had been employed by a Digital Communications firm, Bully Pulpit Interactive, and had consulted for the venture capitalists firm Andreessen Horowitz, as well as the decentralized cryptocurrency on Ethereum blockchain, Uniswap. It is noteworthy that Andreessen Horowitz is an actively contributing venture capitalist in the crypto sector, with multiple crypto funds worth billions.

In addition to LaBolt's recent integration into the White House, the Biden Administration has been quite vocal about cryptocurrencies, introducing an executive order in 2020, proposing 2024 tax changes on crypto asset trades and condemning proof-of-work mining. His inclusion into the Biden government has arrived at the same time that the U.S. Securities and Exchange Commission (SEC) is aiming to regulate the crypto sector more strickly via redefining exchanges to comprise of Decentralised Finance entities, sending Coinbase a Wells Notice and issuing a charge against Bittrex for having securities tokens available in their platform.

With digital assets still an uncertain and volatile area, LaBolt will be able to provide advice concerning this modern sector, however he will not be permitted to participate in any legal matters or investigations concerning the crypto companies he's formerly worked for. It is expected that the Biden government will require higher levels of accountability and more secure regulations around digital currencies and related technologies and that LaBolt, with his understanding and experiences of the crypto domain, will aid the efforts of the Biden Administration in meeting those expectations.



Other News from Today