Facebook On Boards New Lobbyist Firms To Push Its Libra Crypto Motions In Senate
Facebook increases lobbyist power with two new firms pushing the crypto’s agenda in Senate pushing the total number to four.
The U.S Congress tough stance on Facebook’s Libra project will soon be changing as the social media giant hires two new lobbyists for the project. According to lobbying reports filed on Sept 5., the Calibra project welcomed William Hollier, president of Hollier Associates LLC and Michael Williams of the Williams Group to help win over the senators against the project.
According to a Bloomberg report, Holler started lobbying for Libra in August to push for its development and registration within the United States. He is a known lobbyist for Microsoft Corp and Independent Community Bankers of America and worked with Idaho representative Senator Mike Crapo. Mike currently heads the Senate banking committee, who called the CEO of Libra David Marcus for questioning earlier in the year.
Williams started lobbying for the cryptocurrency in July according to the disclosure. The former Credit Suisse Securities managing director joins the consortium to help regulators understand the blockchain. Williams also lobbies for Delta Airlines Inc. and American Financial Services Association.
A Wave of Doubt
Despite reports of three members in the 27-member Libra Association being on the verge of leaving due to the regulatory uncertainties, Facebook looks to have everything under control at the moment. The Libra token is expected to launch in early 2020 amidst a wave of doubts from various regulators across the globe.
On Sept 6. Jose Manuel Campa, chair of the European Banking Authority (EBA), called out Libra stating the digital asset is a big law gap. He called for more regulation on the token before its launch next year.