Facebook is attempting to push back on the negative press and regulatory pressure coming from Capitol Hill by hiring a lobbying firm to support their digital currency libra.
Facebook Hires Crypto Lobbyist
Despite generating a fair amount of community interest, Facebook’s digital currency has created a firestorm for U.S. Congressional leaders and regulators around the globe.
Earlier in the month, it was reported that a group of U.S. lawmakers would be traveling to Switzerland to meet directly with the data security regulator overseeing Facebook’s libra, but the meeting seemingly didn’t clear regulators’ doubts. Now, the social media platform has been tied to the hiring of a lobbying firm that specializes in regulatory compliance.
According to documents signed for on Aug. 23, Facebook has sought representation by Washington, DC-based FS Vector LLC, which boasts John Collins as the lead lobbyist. Collins was previously the head of policy at Coinbase and lead the first congressional exploration into digital currencies in 2013.
While Facebook has yet to comment directly on the lobbying firm’s hire, disclosure database Pro Publica claims that FS Vector is planning to lobby on issues “related to blockchain policy.”
