Facebook Adds New Lobbyists In Libra Push

Facebook has added two new lobbyists in its bid to make its proposed cryptocurrency Libra a reality, according to a report by Bloomberg.

The social media giant has been facing a lot of scrutiny over Libra, from lawmakers and regulators all around the globe. Facebook hired William Hollier, president of Hollier & Associates LLC, to lobby for it in late August. 

Hollier used to work for Sen. Mike Crapo of Idaho, who was head of the Senate Banking Committee until 2003. Hollier also counts Microsoft and the Independent Community Bankers of America as clients.

In the middle of July, Michael Williams of The Williams Group started lobbying for Facebook. He used to be the managing director of Credit Suisse Securities, and he has other clients that include Delta Air Lines and the American Financial Services Organization.

Facebook has 27 partners that it’s working with to bring Libra to fruition, and it has said that the digital coin can help bring third-world countries access to the banking system. In a congressional hearing in July, many legislators expressed skepticism about the project, and some even proposed killing it.

Facebook also has four other companies it uses for lobbying, including FS Vector, a firm based in Washington. 

In Europe, EU regulators are investigating whether Facebook’s planned cryptocurrency will harm competition.

European Competition Commissioner Margrethe Vestager said the move was justified even though Libra hasn’t launched yet.

“We can even look at new services even before they’re introduced. That’s what we’re doing right now, with Facebook’s plan for a new cryptocurrency, known as Libra, which it announced back in June,” Vestager said in a speech at a conference in Bergen, Norway.

“We’re looking at whether those proposals create risks for competition, so we can be ready to act swiftly if an intervention were to prove necessary,” she added.

Libra was announced with a potential release date of 2020, and Facebook said it would be issued and regulated by the Geneva, Switzerland-based “Libra Association.”