Facebook poached Susan Zook, a former aide to GOP Senator Mike Crapo, to lobby for its Libra cryptocurrency on Capitol Hill. | Source: AP Photo / Andrew Harnik
Facebook has hired a former assistant to Republican Senator Mike Crapo as a lobbyist in their broader campaign to make Libra palatable to crypto skeptics on Capitol Hill.
Susan Stoner Zook stopped working as an aide to Crapo back in 2013, according to her LinkedIn profile. From there she worked in various consulting and lobbying positions.
Regulators and legislators the world over have expressed serious fears as well as ignorance in the wake of Libra’s announcement.
Facebook Libra is intended to be a centralized cryptographic ledger administered by more than two dozen Silicon Valley heavyweights. The social media giant has received severe criticism as a result of its brazen plan to give its billions of users a way to transact without using the traditional banking system.
More than one billion people today are technically “unbanked,” however, many of those same people have smartphones with Facebook.
Facebook has for years made it part of its core mission to expand the reach of its platform as well as the internet more broadly, through such programs as the failed effort to offer “free” Internet to Indians.
Facebook Stokes Regulatory Fears
Facebook has incurred the ire of both President Trump and Congress by seeking to launch a cryptocurrency. | Source: Tom Brenner/Getty/AFP (i), Chip Somodevilla / Getty Images / AFP (ii). » Read Full Article «