Facebook is trying to approve its new Libra projects at all costs. Now, the social media giant has started to hire several lobbying firms to influence U. S. lawmakers to approve its newest token Libra.
FS Vector was the latest of the advisory companies hired by Facebook. The company will lobby with the Congress for the approval of the token and John Collins, who was the former head of policy of Coinbase, will be the one leading the Facebook account.
Before working on Coinbase, Collins was a part of the U. S. Senate Committee on Homeland Security, so he probably has some important contacts in Washington, something that Facebook would certainly use.
This comes at a time in which Facebook is striving to appease regulators and lawmakers. Maxine Waters, a Democrat from California, for instance, has recently talked with the Libra Association and affirmed that she was still unconvinced about the plans of the social media giant for its token. This opinion is shared by many regulators around the world.
In order to clear the air and get some allies, Facebook has started its hiring spree. Several lobbying firms were hired before FS Vector entered the team. According to reports from the news site Politico, Facebook had spent at least $7.5 million with companies such as Cypress Group and the Sternhell Group before this month.
Other companies that were also hired by the company include Off Hill Strategies and two law firms, Bryan Cave Leighton Paisner and Davis Polk. Now, we have to wait and see if all this effort will pay off or not.