- Previously, Facebook was requested to suspend its crypto project by lawmakers.
- The company added four additional lobbyists in the last two months.
Facebook has recently hired two more lobbyists as the company is facing resistance from lawmakers to launch Libra. Facebook wants to advance its reach in Washington. Bloomberg reported that lobbyists William Hollier and Michael Williams are now trying to win the lawmakers with their influences. As per the reports, Hollier, who is the president of Hollier Associates LLC, started lobbying for Facebook on blockchain policy in late August. He has earlier worked for Senator Mike Crapo (R-Idaho), the head of the Senate Banking Committee, which held a hearing on the privacy concerns of Libra previously.
Earlier, Facebook had hired Susan Zook, a former aide of Senator Crapo, to push for Libra in the Capitol Hill. Williams Group’s Michael Williams started lobbying for the company in mid-July. Besides Facebook, he also lobbies for the American Financial Services Association and Delta Air Lines Inc.
Facebook is determined to launch its cryptocurrency within mid-2020, which is its set deadline. Furthermore, the company also appointed four other lobby groups in the past couple of months to influence blockchain policymaking.
American political journalism company Politico reported that Facebook already used up $7.5 million on its Washington lobby groups this year. The company is now working with at least seven lobbyists for Libra including Sternhell Group, the Cypress Group, and the law firm Davis Polk.
Previously, numerous lawmakers in the US had requested Facebook to suspend the development of its crypto project until the regulatory issues are fixed. Meanwhile, in Europe, the social media company is facing an antitrust probe for its plans to jump in the payments sector with Libra.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Ripple's move above this key level could trigger nearly 50% rally for XRP
Ripple has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days. Investors can expect XRP to kickstart a massive rally.
Optimism price outlook with nearly $90 million worth of OP tokens flooding markets on Friday
Optimism volatility has shrunk in the ours leading to the network’s cliff unlock. It joins the likes of dYdX and Sui, which have similar events on their calendars. As token unlocks are often considered bearish catalysts, investors should brace for a reaction after the event.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Retail watches from the sidelines with a bias for shorts
Bitcoin could clear $73,777 peak as BTC bulls resurface. Ethereum might fall 10% before next leg up as ETH RSI teases with sell signal. XRP could lose $0.6000 threshold as Ripple bulls fail to show up.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito price action shows a potential cup and handle formation. Based on theoretical measurement rules, a successful breakout could yield a 56% rally to $6.0. A breakdown of the $3.86 support level would create a lower low for JTO and invalidate the bullish thesis.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.