In the midst of U.S. lawmakers’ legislative pushback over Facebook’s Libra crypto project, the Social Media company has employed a lobbying company led by a former policy leader at Coinbase, the crypto exchange. Ex-policy head of Coinbase to Lobby for Facebook’s Libra cryptocurrency.
The lobbying disclosure database, compiled by ProPublica, shows that FS Vector registered with the congress on August 23. A retainer was signed for Facebook to work on “blockchain policy issues.” However, FS Vector is based in Washington D.C.
FS Vector’s partner, John Collins, will be the Facebook lobbyist based on the filing. Collins served as the head of a strategy at Coinbase from September 2014 to January 2016, according to his LinkedIn profile.
He had previously served as a senior U.S. staffer for The Homeland Security and Government Affairs Committee of the Senate. He worked on the first congressional inquiry and hearing on crypto and blockchain in 2013.
U.S. lawmakers are pressuring Facebook over its launch a worldwide cryptocurrency as a technique of payment, which is why the company requires lobbying effort.
The Libra Association of Facebook is headquartered in Switzerland. Congresswoman, Maxine Waters (D-CA), said that her meetings with regulators there did not alleviate her doubts about the crypto plan of social media.
After Facebook formally announced the move in June, Waters particularly called for a “moratorium” on the Libra development days.
To work on blockchain-related policies, Facebook hired lobbyists and lobbying companies from third parties previously as well.
Furthermore, the database compiled by ProPublica shows that Facebook also signed up with the Off Hill Strategies and law firm Bryan Cave Leighton Paisner in June and July to focus on “blockchain issues.”