- The Libra association has appointed Stuart Levey as the organization’s first CEO according to an announcement on May 6.
- Mr. Levey is HSBC's current Chief Legal Officer and is expected to take this Facebook initiative to the operational phase of its digital assets.
This move comes shortly after Libra initiated a payment system license to commence operations in Switzerland under the oversight of the country’s financial watchdog, FINMA.
Speculations arose about a possible launch of the Libra stablecoin by the end of 2020, should the association sort the underlying legal hurdles.
According to Libra, Stuart’s experience in both the private sector and government; where he served as an Under Secretary of the Treasury for Terrorism and Financial Intelligence under both George W. Bush and Barack Obama, are of particular value:
“Mr. Levey will serve as the overall strategic leader for the project, bringing his extensive expertise to combine technology innovation with a robust compliance and regulatory framework.”
Levey has since welcomed the appointment noting that he looks forward to working with stakeholders like regulators and governments in order to realize Libra’s vision in transforming the global payments ecosystem:
“I am honored to join the Libra Association as it charts a bold path forward to harness the power of technology to transform the global payments landscape.
Technology provides us with the opportunity to make it easier for individuals and businesses to send and receive money, and to empower more than a billion people who have been left on the sidelines of the financial system, all with robust controls to detect and deter illicit financial activity.”
Libra, which was set to launch back in June 2019, caused unease amongst central banks which ultimately pushed an economy like China to fasten the development of its CBDC (digital yuan).
Katie Haun, a Libra board member, and partner at Andreessen Horowitz, is now optimistic that Stuart’s appointment as CEO will enrich the organization with the expertise to launch stablecoins legally:
“Stuart brings to the Libra Association the rare combination of an accomplished leader in both the government, where he enjoyed bipartisan respect and influence, and the private sector where he managed teams spread across the globe.
This unique experience allows him to bring a wealth of knowledge in banking, finance, regulatory policy and national security to the Association and strike the right balance between innovation and regulation,”