Facebook hires former US senator assistant to lobby for Libra

Facebook hires former US senator assistant to lobby for Libra

David Markus from Facebook assures Congress that Libra will collaborate

Facebook has hired the former assistant chairman of the US Senate Banking Committee, Susan Zook, for the Libra cryptocurrency project. The political news site Politico reports this on 5 August.

Susan Zook, the founder of Mason Street Consulting, was the former assistant to Republican Senator Mike Crapo. According to the publication, she will lead a team of lobbyists with the aim of convincing Republicans in the Senate of Libra.

Politico also reports that Facebook has already spent more than $ 7.5 million on lobbying activities for Libra this year. In addition to hiring its own lobbyists, Facebook also hires lobby groups such as the Sternhell Group and the Cypress Group as well as the Davis Polk law firm to lobby for Libra.

Hearings were held last month between Facebook and the Financial Services Committee and the Senate Banking Committee. Senators were generally very critical of Libra and were concerned about the cryptocurrency in connection with Facebook’s reputation for privacy.

Libra even received so much criticism that Facebook in a quarterly report to the US Securities and Exchange Commission (SEC) indicated that Libra may not be on time or even not at all.

Last week, a patent application filed with the US Patent and Trademark Office (USPTO) revealed that Walmart may be planning to release its own cryptocurrency. It would then be a stablecoin that looks like Facebook’s Libra.

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About Viktor Sokolov 90 Articles
Nerd, entrepreneur & coffee aficionado. Believes that blockchain infrastructure and bitcoin will be the money system of the coming decades. Trying to make visible what this means for technology, economy, companies and societies.

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