Posted 2 years ago | by Bethany Armstrong
Facebook Libra Adds Two Lobbyists
Facebook hired two lobbyists to promote the Facebook cryptocurrency, Libra. Despite the wrath of Congress during the Facebook hearings in July 2019, Facebook is doing everything it can to change the minds of lawmakers. The social media giant has hired two more lobbyists to advocate for the Facebook cryptocurrency.
Bloomberg reported that in mid-July, Michael Williams, of Williams Group, began to lobby for Facebook. Williams' clients include Delta Airlines and the American Financial Services Association.
The second Facebook lobbyist began in August. William Hollier, the president of Hollier Associates,LLC, began to lobby for Facebook to lawmakers. Amongst the issues Hollier is lobbying for Facebook is the Libra cryptocurrency. Hollier is no stranger to Congress, his resume includes previous work with the Idaho Republican, Senator Mike Crapo. Senator Crapo is the head of the Senate Banking Committee. Facebook is in good company, Hollier's clients include Independent Community Bankers of America and Microsoft Corp.
Facebook Libra Could See Adoption Quickly
Facebook's digital currency, Libra, seeks to make banking and transaction easier with lowers costs, but it has been met with resistance from lawmakers. It also seeks to expand into third world countries. However, Congress did not welcome Libra. There was significant outrage and heavy hints of bipartisan legislative proposals that would prevent Libra from launching. Congress does not appear to be interested in allowing Facebook to expand into cryptocurrency, but Facebook is not giving up without a fight.
Federal Reserve Chairman Jerome Powell has said that the US Government feels that Libra would be quickly adopted by 2.3 billion Facebook users, but Powell also said that adopting Libra would create enormous cyber-security risks for Facebook users. Increased cyber-security risks are a factor in the US Government's hesitation of Libra.
Each year hundreds of millions of dollars are stolen on the web by hackers. North Korea was able to use funds they hacked from cryptocurrency exchanges to fund not only their ballistic missile program, but also their WMD program.