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Facebook strengthens legal ground for Libra

Social media giant Facebook is continuing its attempts to secure the legal basis of its cryptocurrency, Libra.
Libra’s legal infrastructure strengthens with lobbying firms
Facebook, which wants to influence US lawmakers on Libra’s strength and credibility, has signed another lobbying firm. Fs Vector, a consulting firm specializing in Fintech, policy and regulatory compliance, will now support Facebook in issues related to blockchain policy.
John Collins, a partner at FS Vector, will lead Facebook in this context. Collins previously worked as Coinbase’s police officer and vice president of international policy at the Bankers Financial and Trade Association.
Seven lobbying companies behind Facebook
Earlier this month, Facebook also hired Susan Zook of Mason Street Consulting, a former aide to Senator Mike Crapo, chairman of the Senate Banking Committee.
With the latest hires, the number of lobbying companies that Facebook has officially worked with has increased to seven. These companies are Sternhell Group, Cypress Group, Davis Polk, BakerHostetler and OB-C Group. Facebook also recently hired Ed Bowles of UK standard chartered as director of public policy based in London.
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