Biden’s New Communication’s Director Owns Bitcoin

Ben LaBolt, the newly appointed communications director for President Biden, owns between $50,000 to $100,000 worth of Bitcoin, according to a disclosure. 

Due to his prior representation of technology and cryptocurrency firms like Haun Ventures, Shopify, and Meta Platforms, the President has limited LaBolt's involvement in these matters. 

Nevertheless, he will be authorized to provide guidance on the administration's approach to regulating social media and cryptocurrency companies.

The constraints applied to LaBolt are in line with the regulations adhered to by other high-ranking officials in the White House.

In the recent economic report from the White House, Bitcoin was mainly discredited as a technology, while the Administration emphasized the attributes that they believe make the U.S. dollar valuable.

Following the release of a roadmap outlining the Administration's strategy to examine the possibility of launching an American CBDC, the White House's report also acknowledged several obstacles in the cryptocurrency sector, primarily in response to the downfall of FTX in 2022.