By Leah Hutton (Luxembourg)
The tech giant Facebook has contacted FS Vector, a lobbying company based in Washington DC. The sole purpose behind the hiring of a new lobbying firm is to calm down the pressure and scrutiny of US Congress Lawmakers on upcoming cryptocurrency, Libra.
Reason behind this Hiring
Since the inception of digital assets, the US officials who are controlling the financial institution are very active and they have a pile of questions for Facebook. The main reason behind this strict behavior by the government is that this emerging digital currency will not be controlled by the state regulations and laws but instead, it will be totally manipulated by the creators of cryptocurrency. Additionally, it has challenged the dollar as well as threatened the roots of centralized banks.
Recently, Donald Trump expressed his concerns:
if Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks
FS Vector, an Advisory Firm
According to the report by O’Dwyer’s, the FS Vector will assist in the Libra case regarding “issues related to blockchain policy”.
Also read:FS Vector is an advisory company specializes in public policy, business strategy, and regulatory compliance; and assists the financial companies in easing challenges and issues. John Collins who is a partner at the firm will lead the case of Facebook according to the report. Collins worked in the past as the vice president of International Policy at the Bankers Association for Finance and Trade as well as the head of policy making for Coinbase.
Waters, the head of the Financial Services Committee, still concerns over the project after meeting with Swiss officials which are expressed clearly in her statement:
While I appreciate the time that the Swiss government officials took to meet with us, my concerns remain with allowing a large tech company to create a privately controlled, alternative global currency.
To overcome this pressure by the government, the tech giant hired the Vector to ease the stress on Libra by taking legal actions related to blockchain policy. Before this, Libra hired many other prominent lobbying firms that include Cypress Group, BakerHostetler, Davis Polk, Sternhell Group and Ed Bowles.
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