Facebook hires lobbyist FS Vector to help them out

[Baofeng]

There has been news around that Facebook has hired the services of FS Vector - https://www.fsvector.com/ to help them about the  “issues related to blockchain policy,”

https://www.odwyerpr.com/story/public/12989/2019-08-26/facebook-posts-lobbying-retainer-amid-cryptocurrency-controversy.html

Facebook has hired a Washington-based lobbying firm in light of increased Congressional and regulatory pushback the social media network has received due to its forthcoming cryptocurrency offering, Libra.

The social media giant has retained consulting shop FS Vector for support on “issues related to blockchain policy,” according to lobbying registration documents filed with Congress.

And it will be headed by ex Coinbase head of policy John Collins. But I'm not sure if this is a good move or just Facebook is really that desperate to get their Libra project going.

Your thoughts?

[rosezionjohn]

With all the funding they got, there is no backing out, that's why they are doing everything they can to launch Libra. I don't know if this new addition to their project will help them get the nod from congress. I think it may take Facebook a longer time but they seem to be positive their Libra will be approved.

[Cnut237]

My thoughts on Libra are that I don't like it because I don't like Facebook and their strategy of mining our data and selling it for profit.
However I do acknowledge that Facebook is a hugely impressive company, and they have a history of using both their muscle and their ingenuity to get their own way. So although I don't like Libra, I do think that FBs activities - such as hiring this lobbyist - will go a long way towards bringing crypto into the mainstream, which should be beneficial for both BTC and the (good) alts.

[kindbtc]

They will not stop libra, simply because huge investment is at stake that too from top business groups and all the contract signing and product development is almost done so they just cannot roll it back rather i think they will try to convince the govt and win a deal the final model could be a bit more centralized but im sure the project will continue.

[mu_enrico]

People's wounds from Facebook's privacy policy abuse are still fresh. Yet, they want to make a big controversial product that can cause more harm if it's not managed correctly.

I don't see the congress will go easy on Facebook on this Libra proposal. I'm pessimistic we will see Libra cryptocurrency anytime soon.

[Jating]

I think they are going into a panic mode here that's why they chooses to hire someone to help them get over the US congress animosity towards their product. They are going in great lengths here. And we all know that lobbyist in the US are very powerful entity and can either sway the decision in your favour.

So I wouldn't be surprised if this FS Vector will try everything they can to talk to the congressman and change their decision. So it will be battle and it will be interesting how congress will respond on this one. Crypto enthusiast don't like Facebook's Libra, but there are powerful actors behind this product and it's a business so again, don't be surprise if suddenly next year we will see these so called Libra rolling out.

[Kemarit]

And it will be headed by ex Coinbase head of policy John Collins. But I'm not sure if this is a good move or just Facebook is really that desperate to get their Libra project going.

Your thoughts?

I will not categorized it as a desperate move. Facebook has put a big budget on this one for sure and could be their Plan B after all after the the people behind are forced to appear and explain everything with US congressmen. They know their enemy here that's why they hire someone to go against them and win this battle so that it can go and release as plan in 2020.

So I wouldn't be surprised if this FS Vector will try everything they can to talk to the congressman and change their decision. So it will be battle and it will be interesting how congress will respond on this one. Crypto enthusiast don't like Facebook's Libra, but there are powerful actors behind this product and it's a business so again, don't be surprise if suddenly next year we will see these so called Libra rolling out.

If my memory serves me right, lobbyist are one power group that can influence the outcome in favor of Facebook. And it is perfectly legal in a sense in US as we have seen countless lobbying in the US congress. Facebook has weigh all options here and they do have a chance if fs vector pull all their connections here.

[glendall]

the hard struggle that Facebook has to go through with its libra project is not surprising.
Facebook is a big social media, and Libra is a new breakthrough, this will affect the cryptocurrency in the future,
if Libra is able to survive then it is possible that the market will choose Libra and there will be many other big companies that choose steps like Libra.

[jostorres]

It is good to hear an update again about Facebook Libra coin because they have been silent on it before and people already wondering what is going on with the project, but Dies that mean they have been doing try and error before because I believe that before they announced for the release of the coin, they should have put everything that is needed into writing and it is not now they need to be partnering with this company for blockchain policy, which means they never fully understood what they were going into initially.

They have raised so much money to be given all this type of report now, people just want the job done and then they deliver on their promises. So we are all here trying to keep our fingers crossed to see what they have to offer to the public and how they will overcome all the government’s pressure.

[Baofeng]

Facebook team or developer pay really a lot now even they really experience hard time to launch or run here in crypto world so if they hire more to help them out then they can pay for that and then for me if they already here in crypto many will really use their Libra so they can back all what they use to spread this like business only like even they really hire many people

I think the question is are they trying to circumvent by hiring someone to lobby for them? This are powerful people and maybe they are stepping on some toes here that's why they just decided to get someone to get the job done for them. Oh well, they have the money to back up their project, but by the way they want to get it approved is somewhat sketchy to me, and it looks like this is a desperate move to be honest.