Many people are not happy with Facebook’s Libra. Experts and ordinary crypto enthusiasts alike, see a lot of threat and instability with the social media giant’s forthcoming stablecoin.
It’s also never a good sign that a company is focused on “hiring” lobbyists before the release of its product.
Bloomberg revealed last week that two new lobbyists were “hired” to persuade lawmakers that threaten to stop the launch of the stablecoin.
The president of Hollier Associates LLC, was the first to bend the knee to Facebook’s wallet and began to lobby about issues relating blockchain policy, at least according to his disclosure.
Hollier is no strange to the big scene as he worked for Senator Mike Crap, who in turn oversaw the Senate Banking Committee for over a decade. Hollier’s clients are non-surprisingly all very big names like Facebook, Microsoft and the Independent Bankers of America.
There are countless lobbyists out there and they are all for sale
The other recent addition to the totally-not-paid-to support Libra campaign is Michael Williams from the Williams Group. According to the disclosure, Williams began to lobby for Libra way back in July. His previous work included a position as a managing director in Credit Suisse Securities. He also has clients like the American Financial Services Association and Delta Air Lines Inc.
Facebook allegedly has 27 partners helping it on launching Libra. According to Facebook’s executives, Libra has the potential to lower costs and expand access to the banking system of developing countries.
Many experts have spoken out against Libra and back in July, the project faced bipartisan scorn during the Congressional hearings. This even led to legislative proposals that would completely stop the project in its tracks.
Facebook however, has almost an unlimited financial potential. It doesn’t take a rocket scientist to figure out that the company can afford to “hire” as much lobbyists as possible without experiencing any financial strain.
In the last 2 months alone, 4 companies have registered to lobby for the social media giant on cryptocurrency-related issues.
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