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Despite the fact that the dream of consolidating the Libra as a cryptocurrency of global worship is ever farther away, Facebook is unwilling to give up its efforts to dominate the space of finance and technology in the society of the future.
According to a report in The Washington Post, Facebook has doubled its efforts to strengthen a lobby group called American Edge.
The group is trying to fund studies and convince regulators to take a path that makes big companies in the technology industry easier to work through Facebook’s most powerful weapon: ads.
The idea of this lobby is Use ads as a funding mechanism and at the same time as a persuasion mechanismAnd boy, will they be persuasive: Reports from the company itself that have been checked by the technological medium Mashable showed this at least on their platform 2.3 billion users see at least one ad every dayA number that would increase to 2.6 billion if other services were included.
The lobby is not only economically powerful, but also politically influential. Board members include Susana Martinez (former Republican governor of New Mexico), Bradley Smith (former Commissioner for the United States Election Commission) and Chris Carney (former Congressman for the State of Pennsylvania).
Silicon Valley vs. Washington
This is a new facet of a titanium war. The social media giant’s last fight against politicians was won by Washington (though politicians around the world also contributed to its weakening as institutions) and epicentered the Libra’s proposal as a global cryptocurrency controlled by a conglomerate of private companies . .
After several meetings, hearings and tricks, the scales practically lost their original horizons and became a stable coin project. Despite this, politicians make sure that the project does not come to light.
But this project is trying to protect Facebook’s gold mine: Ads … And Facebook doesn’t want to soften, especially given past experiences. With the flag of freedom of expression, the social media giant has already become the seventh largest financer of this type of initiative.
Lobby spending for the first three months of 2020 is $ 5.2 millionLast year, he spent at least $ 16.7 million on his efforts to influence regulators.
Not to mention the billions of dollars he spent on comparisons and lawsuits for his unethical practices in dealing with data and the use of his powerful ads for political manipulation.
The ads are so important that the ability to develop a global business cryptocurrency fades before the performance of a simple banner ad.
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