The Libra Association has named Obama’s former under secretary for terrorism as its first CEO
On May 6, the Libra Association announced the appointment of Stuart Levey, Obama’s former undersecretary for terrorism as its first CEO. He is also to be known as HSBC Chief Legal Officer.
Stuart Levey, Obama’s former undersecretary for terrorism
Libra Association named Obama’s former undersecretary as the first CEO
Stuart Levey served as an undersecretary for terrorism under the administrations of George W. Bush and Barack Obama, focusing on the enforcement of all U.S. anti-money laundering and counter-terrorist financing laws by the Financial Crimes Enforcement Network (FinCEN). In his most recent position, he served as the chief legal officer at HSBC.
The press release quotes Katie Haun, General Partner at Andreessen Horowitz and Libra Association board member who led the CEO search committee:
“Stuart brings 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 […] strike the right balance between innovation and regulation.”
Haun added:
“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.”
Levey said he looks forward to working with governments and regulators in building out the Libra project.
In his statement, Levey emphasized the importance of empowering a billion people while preventing illicit activity:
“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.”
We’re pleased to announce the appointment of Stuart Levey as the Association’s incoming CEO. Stuart will join over the summer and brings a wealth of experience in #FinancialServices, #Compliance, and #FinancialIntegrity. https://t.co/bVrK12Px4v
— Libra (@Libra_) May 6, 2020
Under scrutiny from the U.S. government, Libra has had to make some compromises to its original vision. Perhaps, Levey, who enjoyed bipartisan support while in office and who has vast experience in the field of financial regulation, is the man who will move the project forward in the face of increasing competition.
Libra has made several public moves recently, announcing new members, including global nonprofit Heifer International and e-commerce site Checkout.com. The consortium, unveiled by Facebook last June, has also begun the process of receiving a payment license through the Swiss Financial Market Supervisory Authority.
The group did not announce a revised launch date for the Libra stablecoins, which were initially set to go live within the first half of 2020. Libra revamped its original vision last month, scaling back plans for a global stablecoin in favor of a series of fiat-backed stablecoins.
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