Facing Regulatory Pushback to Libra, Facebook Retains Lobbying Firm

 

 

 

 

 

Facebook recently retained Washington, D.C.- based lobbying firm FS Vector to support its effort to overcome resistance to its Libra digital currency payment system project, according to a report from O’Dwyer’s PR. The firm has reportedly been hired to provide support for “issues related to blockchain policy.”

Facebook’s lobbying efforts will be headed up by FS Vector partner John Collins, who has experience working as a staffer for the U.S. Senate Committee on Homeland Security and Governmental Affairs and led Congress’ first effort to study cryptocurrency in 2013.

The lobbying firm was launched last year, and describes itself as a “regulatory compliance, public policy, and business strategy advisory firm helping fintech, regtech, financial institutions, and other innovative companies overcome challenges and build the momentum needed to succeed.”

Since announcing its Libra plans in June, Facebook has experienced a rising tide of questions, concerns, and opposition to its proposed cryptocurrency venture. Democrats in Congress have reportedly drafted legislation to prevent big technology companies like Facebook from engaging in financial services activity. During hearings on Capitol Hill, elected representatives criticized the company and questioned whether it deserved their trust.

The move to hire the lobbying firm comes amid recent reports that several early project backers are considering dropping their support for Libra, to avoid increased regulatory scrutiny of their own companies.

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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