Social media giant Facebook has taken a bold step to manage the hurdles it has been facing from regulators. According to a recent report, Facebook CEO, Mark Zuckerberg, has made himself accessible to US lawmakers regulators. As this might help the popular social media company gain some respect after the Cambridge Analytica fiasco, it is likely that it will also affect Libra positively.
Facebook Shows Readiness To Obey Regulations
This week was the first time since last year that Zuckerberg made himself readily accessible to U.S. lawmakers and even the President of the united states, Donald Trump. According to the report, during Zuckerberg’s recent visit to Washington DC, Facebook was the one to request meetings.
According to Matt Grossmann, an associate professor at Michigan State University,
“They’re going to say it’s a successful trip as long as they improved relationships and they made senators more likely to call Facebook if they have a problem or they’re thinking of legislating in the area, “
However, this generous visitation was strategic and Zuckerberg was said to have attended the majority of the meetings not being under any oath, a situation which means any commitment made by either him or Facebook could be reversed.
Regulators Vs Libra
Considering Facebook’s proposed cryptocurrency project, Libra, Facebook making friends with regulators could be a good omen. Libra has faced a considerable level of regulatory scrutiny since its announcement. The more restless regulators around the world weighed the feasibility of incorporating Libra into their existing financial frameworks, the more evident it became that Libra was not a welcome idea.
France ranks high among the countries which have openly denounced Libra. According to a recent report by Coingape, French Finance minister, Bruno Le Maire made a clear warning about Libra.