Facebook Hires FS Vector to Lobby for Libra in Washington

by Arnab Shome
  • The social media company is now working with at least 7 lobbyists to push its crypto initiative.
Facebook Hires FS Vector to Lobby for Libra in Washington
Libra

Social media giant Facebook has hired another lobbying company to pave its way to launch Libra by influencing US lawmakers.

According to an O'Dwyer report on Monday, the California-headquartered company retained consulting firm FS Vector to support “issues related to Blockchain policy.” The appointment of the lobbying company was revealed by the registration documents filed by Facebook with Congress.

Washington-based FS Vector specializes in handling issues with regulatory compliance, public policy, and business strategy for fintech companies. The firm also serves various other cryptocurrency and blockchain companies.

The report also detailed that John Collins, a partner at FS Vector, will lead Facebook’s account for the lobbying firm. Collins previously worked at crypto exchange Coinbase as its head of policy and also served as vice president of international policy at the American Bankers Association’s international subsidiary.

Solid efforts to bring lawmakers in favor

This recent hire confirms the social media company’s desperation to influence the Washington-based lawmakers, most of whom are hostile towards its digital currency project.

Earlier this month, Facebook also hired Susan Zook, a former aide to US Senator Mike Crapo (R-Idaho), to lobby for Libra in the capital. Senator Crapo is the co-chair of the committee that conducted a hearing on the concerns over the privacy issues of Libra.

Politico earlier reported that Facebook already spent $7.5 million on its Washington lobby groups this year and is now working with at least seven lobbyists for Libra including Sternhell Group, the Cypress Group, and the law firm Davis Polk.

Despite Facebook’s push to turn the tables in favor of Libra, the lawmakers are still not convinced with the crypto project. Recently a delegation of US lawmakers that discussed concerns over Libra with Swiss regulators revealed that lawmakers are still not convinced with the project.

Meanwhile, in the European Union, Facebook is reportedly facing an antitrust probe for its unfair advantages in the Payments industry with Libra. With all the regulatory setbacks, multiple partners of the Libra Association are now considering to leave the crypto project.

Social media giant Facebook has hired another lobbying company to pave its way to launch Libra by influencing US lawmakers.

According to an O'Dwyer report on Monday, the California-headquartered company retained consulting firm FS Vector to support “issues related to Blockchain policy.” The appointment of the lobbying company was revealed by the registration documents filed by Facebook with Congress.

Washington-based FS Vector specializes in handling issues with regulatory compliance, public policy, and business strategy for fintech companies. The firm also serves various other cryptocurrency and blockchain companies.

The report also detailed that John Collins, a partner at FS Vector, will lead Facebook’s account for the lobbying firm. Collins previously worked at crypto exchange Coinbase as its head of policy and also served as vice president of international policy at the American Bankers Association’s international subsidiary.

Solid efforts to bring lawmakers in favor

This recent hire confirms the social media company’s desperation to influence the Washington-based lawmakers, most of whom are hostile towards its digital currency project.

Earlier this month, Facebook also hired Susan Zook, a former aide to US Senator Mike Crapo (R-Idaho), to lobby for Libra in the capital. Senator Crapo is the co-chair of the committee that conducted a hearing on the concerns over the privacy issues of Libra.

Politico earlier reported that Facebook already spent $7.5 million on its Washington lobby groups this year and is now working with at least seven lobbyists for Libra including Sternhell Group, the Cypress Group, and the law firm Davis Polk.

Despite Facebook’s push to turn the tables in favor of Libra, the lawmakers are still not convinced with the crypto project. Recently a delegation of US lawmakers that discussed concerns over Libra with Swiss regulators revealed that lawmakers are still not convinced with the project.

Meanwhile, in the European Union, Facebook is reportedly facing an antitrust probe for its unfair advantages in the Payments industry with Libra. With all the regulatory setbacks, multiple partners of the Libra Association are now considering to leave the crypto project.

About the Author: Arnab Shome
Arnab Shome
  • 6315 Articles
  • 80 Followers
About the Author: Arnab Shome
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
  • 6315 Articles
  • 80 Followers

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