Facebook, the social networking giant, has collaborated with a lobbying firm, FS Vector, to render to the backlash poured upon it after the announcement of its planned cryptocurrency project, Libra.
The Washington based firm, FS Vector is a notable consultancy or advisory firm that works in the field of regulatory compliance, public policy, and business strategy for fin-tech, cryptocurrency, blockchain, and financial service providers.
The Details of FS Vector Facebook Account Spearhead
The registration documents concerning the lobbying firm filed with the United States Congress by Facebook opines that the social media firm is hiring FS Vector for seeking guidance on “Issues related to blockchain policy.”
According to the report, the account for Facebook is being spearheaded by FS Vector partner John Collins. Mr. John Collins has earlier served as the respectable vice president of international policy at the American Bankers Association’s international subsidiary, the Bankers Association for Finance and Trade.
He had also worked at the U. S Senate Committee on Homeland Security and Governmental Affairs and was the chief of the first research in digital currencies in the year 2013 by the Congress.
A Sense of Uncertainty Hovering Over Libra
Since the time of the official announcement made by Facebook about the launch of its cryptocurrency Libra, the financial regulatory authorities are in a concerning state.
The main issues that have raised the brows of the concerned authorities is a check on user privacy and trust, which have earlier been put at stake by Facebook several times.
Recently, the notable dignitaries from multiple data protection and privacy enforcement organizations working on the global level issued a statement highlighting the privacy requirements and essentials of the Libra platform.
Facebook has planned to get Libra association, the guiding body of the Libra project, get registered in Switzerland. This led to a meeting of the United States regulators with Switzerland’s financial authorities to probe into the matter.
Owing to the increasing enforcement pressure, there is news of back out of some founding members of the Libra Association.