Facebook Engages Former Aide of US Senate Banking Committee to Campaign for Its Cryptocurrency Libra Project

Facebook has engaged Former Aide of the U.S. Senate Banking Committee to campaign for its new Libra cryptocurrency venture. The U.S. Senate’s ongoing hearings on cryptocurrency had a few representatives state that they are supportive of the U.S. driving in crypto and blockchain, while others brought up their reservations.

A recent report by Politico gave an account that the Social media giant selected Susan Zook of Mason Street Consulting, who recently helped Senator Mike Crapo (R-Idaho), to a group of supporters expecting to impact lawmakers on the Libra activity. According to the report, she wrote an email that she would center her work at the organization on campaigning, Republican representatives.

Moreover, this news comes only weeks after the Senate Banking Committee held a consultation over Facebook’s unresolved Libra digital currency and brought up issues about its data protection, security, and anti-money laundering concerns. The meeting was attended by David Marcus, the company’s blockchain lead.

Facebook disclosed the much-awaited Libra venture in June aiming to launch a digital currency as a payment option around worldwide jurisdictions. Besides, few financial controllers have raised regulatory concerns over the venture’s aspiration, from that point forward.

Moreover, the official declaration of Facebook cryptocurrency in June made concerns among the lawmakers and regulators around the globe. The organization confronted two continuous hearing in the United States a month ago, one by the Senate and the other by the House, with the feasibility of another discussion in the U.K.

Facebook has effectively spent 7.5 million dollars on Washington campaign this year and engaged organizations like Sternhell Group and the Cypress Group to push Libra to the administrators, as per Politico. Furthermore, it is working with the law office, Davis Polk on the issues over the forthcoming digital currency.

In its second-quarter profit report, Facebook cautioned the financial specialists that its digital currency project might never launch because of regulatory obstacles. The organization officially declared that it has no plans to launch any of its cryptocurrencies in India, the biggest market of its social media platforms, because of the disapproval of cryptocurrencies by its regulators.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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