Facebook currently has its work cut out for them with regards to the Libra token which has attracted great controversy since the white paper was launched in June 2019. A lot of these controversy relates to the suspicions the various regulatory bodies and world powers have about the use of the token and its potential misuse. They have been summoned to the US Congress to defend the upcoming token and also find themselves under scrutiny and investigation from bodies all over the world.
Facebook, however, is not backing down and sent a representative to Congress to defend the upcoming token and have also assembled an impressive team across the globe to deal with the various regulatory issues. The latest of these hires is the former assistant of US state Republican senator Mike Crapo, Susan Stone Zook, who has joined the lobbying team for the Libra stablecoin.
Down to Business
Facebook has fortified itself with an impressive collection of individuals whose job it is to win over various lawmakers across the world with regards to Libra. This is because Facebook wants to make the token globally used and as such, do not want any roadblocks at any point.
Zook has already settled into her new tole and stated in an August 5, 2019 report that she will focus her attention on lobbying Republican senators, many of which have shown concern about Libra with one even suggesting the token not be launched at all.
Her former boss Mike Crapo stated in July 2019 but there is an importance in building a regulatory framework for data protection for all internet companies who launch their own cryptocurrencies but did not fully rule out the deployment of Libra itself.
“We’ve got to look at how we structure data protection in the United States […] We need to move to a comprehensive approach. What that structure exactly is, I can’t tell you,” he said.
It is not surprising that this is a priority for the Senator as Facebook still faces the stigma of the 2018 Cambridge Analytica scandal which revealed that the company had been selling user data to third parties and this has created an air of distrust around them. They have since made efforts to get back in the public’s good graces and assure both the public and lawmakers that the Libra token will not be a repeat of that incident.