Tuesday, August 16, 2022

Facebook continues to hire lobbyists to get past regulators

The Takeaway:

Facebook has hired two well-known lobbyists to push its Libra project. So far, Facebook has spent $7.5 million on hiring lobbyists. William Hollier and Michael Williams will advocate for Facebook's crypto project in Washington.

Facebook continues to face push back from the regulators for the launch of its cryptocurrency Libra next year. In a recent development, the social media giant has hired two more lobbyists to help with its Libra project. Yesterday Bloomberg reported that Facebook hired William Hollier and Michael Williams to help convince lawmakers.

President of Hollier Associates LLC, William Hollier began advocating Facebook’s project in late August. Hollier worked for Idaho Republican Senator Mike Crapo for almost ten years, and his other clients include Microsoft and Independent Community Bankers of America.

Michael Williams of The Williams Group has been lobbying for Facebook since mid-July. His current clients include Delta Airlines and American Financial Services Association. He also worked as managing director for Credit Suisse Securities. 

In the past two months, four other companies have registered to lobby for Facebook in Washington. Out of four, one of the firms is FS Vector of John Collins, who previously was an executive at Coinbase exchange. Facebook has already spent more than $7.5 million on lobbyists so far. 

Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Daniel Walker
Daniel Walker
Daniel is an experienced information technology analyst. He is a graduate from McGill University. When Daniel is not covering cryptocurrency and blockchain news, he loves talking to his dog.

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