As part of the marketing and pressuring campaign Facebook has started recently to secure its Libra coin a place in the digital assets’ market, the giant social media platform is onboarding personalities of heavy weight in the financial and legal sector, in addition to allocating a generous budget for promotion purposes.
August 06, 2019 | AtoZ Markets - The social media platform, Facebook, has announced hiring former U.S. Senate Banking Committee’s official, Susan Zook, as the media resources reported on Monday.
The move was described as a means to influence lawmakers on the Libra initiative, as Zook had served as the assistant Senator Mike Crapo (R-Idaho), and counting on that position, Zook told the media she would work on lobbying Senate Republicans.
Questioning its privacy, data protection, and anti-money laundering issues, the Senate Banking Committee had held a hearing over Facebook’s crypto coin that included the firm’s blockchain lead, David Marcus, just a week before its previous official joins Facebook’s management board.
The project witnessed heat in discussing the safety of the coin in the market today, and whether issuing it will impact other sovereign currencies, as congressional hearings unveiled.
Tremendous marketing budget to dissipate the heat
On July 18, AtoZ Markets reported that U.S Congresswoman Alexandria Ocasio-Cortez addressed Calibra wallet CEO David Marcus, asking “Why should these activities be consolidated under one corporation, adding that the Libra coin is “a currency controlled by an undemocratically-selected coalition of largely massive corporations.”
Furthermore, the U.S. Treasury Secretary Steven Mnuchin echoed the Trump administration’s concerns about the Facebook Libra coin and Bitcoin, touching upon general concerns the treasury has over cryptos in general, pertinent to using them as means of “money laundering, terrorist financing, extortion, human trafficking, drug trafficking, and tax evasion.”, describing the aforementioned concerns as a “national security threat”.
For that, reports point out that Facebook has poured more than $7.5 million on lobbying efforts alone, this year, which accounts separately from the budget allocated for hiring lobbying parties, including the Sternhell Group and the Cypress Group, as the press unveiled.
It is worth mentioning that the Chinese giant technology Huawei said to local media outlets that China could compete with Facebook to gain market share by issuing a Chinese Libra coin before Facebook does even.