Facebook Hires Former Senator's Aide to Lobby on Libra

Cryptoinformers || AUGUST 6, 2019

Facebook has hired a former aide to the chairman of U.S. Senate Banking Committee to lobby for its new Libra cryptocurrency project

According to a report by Politico on Aug. 5,  the social media giant recruited Susan Zook of Mason Street Consulting, who was the former aide to the chairman,  U.S Senate Banking Committee, Senator Mike Crapo (R-Idaho), to a its team of lobbyist,  with the aim of influencing lawmakers on the Libra project.

Additionally, the report says that Facebook has spent more than $7.5 million on lobbying efforts this year. Besides hiring in-house lobbyists, the company is retaining over a dozen third party lobbying firms to work on the Libra issue, including the Sternhell Group and the Cypress Group.

Facebook  officially announced  its white paper in June after being in secrete for about one year. The project which has raised concerns worldwide by political leaders and public notables, with both appraisal and critics by some leaders including  U.S president, Donald Trump who believe  that the project will have little standing but said, if facebook which to run a bank,  it  "must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National"

However, facebook has also said that it is not certain if the project may launch at the proposed date of 2020 or never. 

Be the first to post comment on this news below
You must login in order to post a comment