Skip to content
Subscriber Only

Crypto Lobby Fights to Contain Backlash From Facebook’s Libra

  • Other cryptocurrencies could suffer from collateral damage
  • Lawmakers prepare legislation to effectively kill the project
Facebook’s Libra
Facebook’s LibraSource: Facebook

Facebook Inc.’s Libra is already in the firing line of regulators and lawmakers. Backers of other cryptocurrencies are now fighting to ensure the fusillade doesn’t take them down, too.

Crypto lobbyists are trying to convince lawmakers that efforts to slow or stop Facebook’s virtual coin shouldn’t apply to Bitcoin and other older digital currencies. The lobbying will take on new urgency during the coming weeks, as lawmakers return from recess and renew efforts to define and rein in Libra.