The Libra Association has appointed Stuart Levey, HSBC's Chief Legal Officer, as the first CEO. The consortium created on Facebook announced Wednesday 6 May that Levey will join "by the end of the summer" and oversee actions to "combine technological innovation with a solid framework of compliance and regulation".
A former U.S. state official in the Libra project
Levey has been with the HSBC since 2012. Previously, Levey served the United States government as Under-secretary of the Treasury for terrorism and financial intelligence under the presidencies of George W. Bush and Barack Obama, and has a background in the fight against finance unlawful.
He also oversaw enforcement of sanctions with the United States Office of Foreign Asset Control and anti-money laundering regulations through the Financial Crimes Enforcement Network (FinCEN), according to a press release.
"I am honored to join the Libra Association as it traces a bold path to harnessing the power of technology to transform the global payments landscape," said Levey in a statement.
“Technology offers us the opportunity to facilitate the sending and receiving of money by individuals and companies and to empower more than a billion people who have been left on the margins of the financial system, applying solid controls to detect and discourage financial activity ".
Levey said he is looking forward to working with governments and regulators to develop the Libra project.
Libra's latest strategic moves
Libra recently made a number of public moves, announcing new members, including Heifer International, a global non-profit organization, and the e-commerce website Checkout.com.
The consortium, presented by Facebook last June, also initiated the procedure for receiving a payment license through the Swiss Financial Market Supervisory Authority. The group has not announced a revised launch date for Libra stablecoins, which would initially be put into operation by the first half of 2020.
Libra renewed its original vision last month, downsizing plans for a global stablecoin in favor of a series of fiat stablecoins anchored in different currencies.
In a statement, Libra Association board member and Andreessen Horowitz partner Katie Haun said: “Stuart brings to the Libra Association the rare combination of an established leader in both the government, where he enjoyed bipartisan respect and influence, both in the private sector where he ran teams all over the world ".
He added: "This unique experience allows him to bring to the Association a wealth of knowledge in banking, financial, regulatory policy and national security and to find the right balance between innovation and regulation".
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