The latest cryptocurrency news show that the social media giant has begun working with a Washington-based firm in order to ease up the tension following the regulatory pressure on Libra. The news that Facebook hires a lobbying firm to help it deal with all the negative responses sparked by the announcement of the Libra cryptocurrency project spread like wildfire in the crypto news.
According to a PR report by O’Dwyer published on August 26, the social media giant is now working with FS Vector which is a consultancy firm that specializes in regulatory compliance, public policies and business strategies for the fintech, cryptocurrency, blockchain as well as financial services sectors.
Now that Facebook hires a lobbying firm – it seems like the lobbying registration documents reveal that this firm is retaining FS Vector for support on “issues related to blockchain policies.” The person in charge of the Facebook account is John Collins, a former vice president of international policy at the American Bankers Association and its international subsidiary – the Bankers Association for Finance and Trade.
Previously, the same guy had worked at the US Senate Committee, as many best cryptocurrency news sites reported, dealing with cases on Homeland Security and Governmental Affairs but also spearheading the Congress’ first research into digital currencies in 2013.
Aside from the fact that Facebook hires a lobbying firm, the latest chapter in the United States’ regulators ongoing scrutiny of Facebook’s planned cryptocurrency and stablecoin also involved a visit to meet the financial authorities in Switzerland.
In fact, Facebook has apparently chosen to register the Libra Association (which is the independent governance consortium for its Libra token) in Switzerland. At a hearing before the United States House representatives in mid-July, David Marcus (chief of Facebook’s Calibra wallet service) claimed that this choice had“nothing to do with evading regulations or oversight,” and was instead inspired by the jurisdiction being an international hub conducive to doing business.
After Facebook hires this lobbying firm, the altcoin news are expected to show positive announcements for Libra. Recently, members of the US House of Representatives Financial Services Committee said that their concerns remained about “allowing a large tech company to create a privately controlled, alternative global currency.”
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