Media: Facebook enlisted the support of lobbying firms to get Libra

The largest social network Facebook has gained the support of the lobbying firms Sternhell Group, Cypress Group, OB-C Group, as well as law firms BakerHostetler and Davis Polk, which specialize in the field of finance, to help launch and eliminate regulatory issues around the cryptocurrency project Libra. This is reported by Politico .

Efforts by lobbyists will be directed to Washington state legislators in order to gain a better understanding of the technology and dispel doubts about the new project.

“At the current stage, training is the first and most important step, allowing people to understand what it is and simply enables people to feel comfortable with this idea ,” said Tri Hill Baird, the representative of Off Hill Strategies. “ At the moment, our main task is to answer questions that may arise from members of Congress and the Administration.”

The project to develop a digital currency Libra, presented last month by Facebook, attracted the attention of world regulators not only to themselves, but also to cryptocurrencies, in particular – Bitcoin.

Last week , a hearing was held in the US Congress, where Calibra CEO David Marcus answered questions from US lawmakers.

“Cryptocurrencies are definitely in sight now. I'm not sure about the moods, but, in my opinion, the degree of understanding has increased, ” Marcus said at the time.

Libra is not only worried about US regulators. Thus, the Facebook initiative and cryptocurrency were generally discussed at the G7 finance ministers' meeting near Paris, held on July 17. According to its results, the head of the French Ministry of Finance Bruno Le May said that regulators oppose the issue of payment instruments by private companies, if they do not assume the same obligations as the nation states.

Also recall, twice last week, US Treasury Secretary Stephen Mnuchin mentioned Bitcoin. He said that combating the use of cryptocurrency for criminal purposes is a matter of national security, and all digital asset service providers must be regulated in accordance with the FinCEN regulations and the US Bank secrecy Act.

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