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Facebook Tries to Save Libra's Reputation

3 min reading
Facebook Tries to Save Libra's Reputation

There is still a lot of controversy and doubt when it comes to Libra, so Facebook is looking for various methods which will save its reputation.

Lobbying

Facebook decided to hire Susan Zook, a former adviser to the head of the Senate banking committee, to lobby for Facebook's cryptocurrency. According to the authorities of the portal, she is supposed to positively impress the Washington circles. In an interview with Politico Zook said that her goal is to convince the Republicans in the Senate to change their minds about Libra. Suddenly, a week ago another debate on Libra and other cryptocurrencies took place in the Senate. The commission interrogated, among others, David Marcus, the head of the project, who answered questions about the fight against money laundering and caring for the protection of personal data - or, in general, privacy. As reported by Politico, Facebook has already spent nearly $7.5 million on lobbying activities in 2019. Not only internal lobbyists but also external companies were hired for this purpose. Everyone was supposed to take care of the campaign convincing people that Libra is a valuable project.

The fight is ongoing

Libra is the apple of Mark Zuckerberg's eye. He will not give up on his plans to bring it to the market, although more and more companies and politicians are negative when it comes to the project. On July 24, during a quarterly debate on the financial performance of Facebook, Zuckerberg assured investors that the company treats the project very responsibly:
We’re committed to working with policymakers to get this right. We’ve opened a period of, however long it takes to address regulators and different experts and constituents’ questions about this and then figure out what the best way to move forward is.
Zuckerberg emphasizes that he expected legal doubts and was prepared for that. Moreover, he realizes that Facebook will have to enter the financial sector, which is sanctioned by law.
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