For a significant amount of time, there had been rumors about Facebook’s entry in the blockchain and cryptocurrency space but the rumors were confirmed this year when Facebook released the white paper for their Libra token which saw them jumping headfirst into cryptocurrency and taking on one of their most ambitious projects yet. 

The events following the release of the white paper have not been without controversy as they have had to defend it in front of US Congress and are having meetings with world leaders to clear the path for the token’s launch. Now on September 5, 2019, it has been reported that Facebook has hired two new lobbyists for this purpose and is a few steps closer towards getting regulatory clearance for the token.

Welcome to the Team

The first of this new hires is named William Hollier, the president of legislative and regulatory counseling firm Hollier Associates LLC who began lobbying for them in August 2019. It should be noted that Hollier had previously worked for Mark Crapo, a US senator who had praised the upcoming libra token back in July 2019 during the Congress meetings.

“Facebook’s Libra project has generated renewed interest in digital currencies and blockchain […] with the appropriate balance of regulation, digital currencies, and their innovative underlying technology, could provide meaningful benefits,” Crapo said. 

The other lobbyist is named Michael Williams of the Williams Group and began lobbying in July 2019 after working for an investment banking organization called Credit Sussie Securities. 

Facebook is also hiring the services of FS Vector, which is a Washington-based lobbying firm that has been working for them since July 2019 and from all indications, Facebook is being very aggressive about their efforts to overcome the regulatory challenges that could derail the Libra project altogether and have put together a large and experienced team to make sure Libra goes off without a hitch.. 

Hopefully, these new hires will be able to lobby effectively on behalf of Facebook and hopefully, all regulatory issues will be taken care of ahead of the launch of what could be one of the world’s biggest cryptocurrencies.

What's your reaction?
Leave a Comment