• Because of his large BTC holdings, Biden’s Adviser is barred from discussing his thoughts on Bitcoin

  • In a personal financial disclosure, Biden’s antitrust adviser revealed his sizable cryptocurrency holdings. As a result, the White House claims he has been “rescued” from bitcoin-related matters.

    Ex-Bitcoin Critic Discloses Crypto Assets

    Tim Wu, an antitrust expert in the Biden administration, has been barred from advising the government on Bitcoin and cryptocurrency issues. This is a result of his recent financial disclosure, which revealed that a significant portion of his assets are in cryptocurrencies.

    According to Politico, Wu’s portfolio includes over $1 million and $5 million in Bitcoin, as well as significant amounts in Filecoin. According to the disclosure, Bitcoin accounts for the lion’s share of his crypto holdings. His holdings differ from his previous stance on Bitcoin, in which he referred to the asset class as a “shared hallucination” and a “bubble.” However, he reserved some praise for the asset class’s ingenuity.

    “Tim is rescued for any specific matters involving bitcoin and cryptocurrencies in general due to his financial interest, and has not worked on any such matters,” a White House official said of his holdings.

    Tim Wu previously worked as a law professor at Columbia University, where he earned more than $600,000 in the 16 months preceding his appointment with the Biden administration. He joined the administration in March as a special adviser at the National Economic Council, and he previously worked for Obama’s administration at the Federal Trade Commission. Wu is well-known for coining the phrase “net neutrality.”

    Analysts are kicking against the move.

    Some thought leaders were outraged by the White House’s decision to “rescue” Wu from commenting on cryptocurrency issues. David Zell, a Bitcoin enthusiast, believes the White House made a mistake because Wu understands the complexities of Bitcoin and has ideas about it in the “broader context of monetary and economic history.”

    “Imagine if we applied such a standard on a regular basis. Should gold experts be barred from commenting on gold-related policy?” Zell tweeted. “Every member of government owns equities, but we don’t prohibit them from making financial decisions that could have a significant impact on their holdings.”

    He claims that the policy goes against the “model of governance” that is based on listening to different points of view. He goes on to say that the Bitcoin double standard must be abolished.

    Tim Wu is not the only government official who owns Bitcoin. In a filing last month, Senator Cynthia Lummis disclosed a recent bitcoin purchase worth up to $100,000. Her first Bitcoin purchase was in 2013, at a price of around $330.

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