Libra Association, the cryptocurrency consortium created by Facebook, has appointed HSBC Chief Legal Officer Stuart Levey as its first CEO.
Levey to Serve as Libra’s Chief Executive
The first chief executive of the Libra Association will be Stuart Levey, the chief legal officer at HSBC. The consortium, which was created by social media giant Facebook, announced on Wednesday that Levey would arrive at the company later in the summer and has been tasked with overseeing their various efforts.
Libra has been focused on combing technological innovation with robust compliance and regulatory framework, and Levey is now the man to handle this effort. Levey has been working with HSBC since 2012 and he has vast experience in the public scene. He also worked as Under Secretary of the Treasury for Terrorism and Financial Intelligence under both Presidents Bush and Obama. His extensive knowledge and background in fighting illicit finances will hopefully help the Libra Association to develop a firm compliant and regulatory framework.
Facebook’s Libra Association has come under fire from regulators around the world for regulatory compliance issues, which has ultimately delayed the release of the Libra coin. However, Libra is working on grasping the situation and turning things around, and Levey is now the man to help them achieve those objectives.
In his years of experience working for the U.S government, Levey also headed sanction enforcement via the U.S. Office of Foreign Asset Control and anti-money laundering regulations. He used the Financial Crimes Enforcement Network (FinCEN) to combat illicit finances in the country, the press release added.
Levey Positive on Libra
On his part, Levey expressed excitement to join the Libra Association. He stated that the association charts a bold path forward that would allow it to harness the power of technology to improve and change the global payment landscape. He added that technology makes it easier for people and businesses to send and receive money. It also helps empower over a billion people who have failed to gain financial inclusion in various parts of the world. All these elements will be achieved with robust controls to detect and deter illicit financial activity, Levey added. The new CEO pointed out that he looks forward to working with governments and regulators around the world in building the Libra project.
The Libra Association has undergone massive changes over the past few months as companies, such as MasterCard and Visa, have left the consortium. However, they have also gained new members, including global nonprofit Heifer International and eCommerce site Checkout.com. Libra is in the process of receiving a payment license from the Swiss Financial Market Supervisory Authority.
Although the association will not be able to keep to the initial date of release of the Libra coin, they have announced the revised launch date of the stablecoin, stating that it should be ready by mid-November this year. However, Libra has scaled back its plans for a global stablecoin and has now settled for a series of fiat-backed stablecoins.
Libra Association board member and Andreessen Horowitz partner Katie Haun are excited about the appointment of Stuart Levey as the CEO of the company. She stated that his achievements in the public and private sectors make him an excellent candidate for the position. According to Haun, Levey’s unique experience allows him to bring vast expertise in banking, finance, regulatory policy, and national security to the Libra Association, allowing them to strike a balance between regulation and innovation.