Following increased regulatory scrutiny in recent weeks Facebook has hired Washington-based lobbyists FS Vector to help with the launch of its cryptocurrency, Libra.
According to O’Dwyer PR, Facebook has filed documents with Congress detailing their enlistment of the firm to support “issues related to blockchain policy”.
FS Vector partner John Collins will head the Facebook account having previously worked at the U.S. Senate Committee on Homeland Security and Governmental Affairs.
Although spearheaded by Facebook, the Libra token will be launched by the Libra Association, an independent governance consortium registered in Switzerland.
The head of Facebook’s financial services subdivision Calibra endured a gruelling hearing before the U.S. House representatives last month.
He listed Facebook’s previous controversies, particularly a recent $5 billion fine for misuse of user data and stated: “It takes a breath-taking amount of arrogance to look at that track record and think, you know what we ought to do next? Let’s run our own bank […] let’s do it for the whole world.”
A delegation of U.S. Representatives met with Swiss government and regulatory officials last week voicing their concerns about “allowing a large tech company to create a privately controlled, alternative global currency.”
Some of the Libra Association’s founding members have reportedly privately admitted to considering dropping out.
Facebook will hope that their hiring of FS Vector will dim this spotlight in the months ahead. As John Collins spearheaded the Congress' first ever research into digital currencies in 2013 their hope seems well placed.
Photo: lev radin