The Libra Association, an independent membership organization, announced the appointment of Stuart Levey as its first CEO. Levey brings to the Association a wealth of leadership experience in the public and private sectors cutting across banking, regulatory policy and national security issues.
In his new role, Levey will serve as the overall strategic leader for the Libra project, bringing his extensive expertise to combine technology innovation with a robust compliance and regulatory framework. Levey will step down from his role at HSBC and join the Libra Association later this summer.
Currently, Levey is serving as Chief Legal Officer of HSBC. Prior to joining HSBC, Levey served as the first Under Secretary of the Treasury for Terrorism and Financial Intelligence during the Bush and Obama Administrations. During his tenure, Levey was instrumental in setting U.S. and international policy to combat illicit finance.
“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. I look forward to working closely with governments, regulators, and all of our stakeholders to realize this vision,” said Levey, the Libra Association’s incoming CEO.
“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,” said Katie Haun, General Partner at Andreessen Horowitz and Libra Association board member who led the CEO search committee. “Stuart shares our vision for using blockchain technology to deliver a more open, inclusive and high-functioning payment system that puts crypto in the hands of billions around the world.”
On April 16, 2020 the Libra Association, headquartered in Geneva, Switzerland, formally initiated the payment system licensing process with FINMA, an important milestone as the Libra Association moves to a more operational phase of the project. In addition to initiating the payment system licensing process, the Libra Association released an updated white paper and announced that the near-term operating expenses of the Libra Association have now been funded by its members. The Libra Association membership is comprised of geographically distributed and diverse businesses and nonprofit organizations working to create a blockchain-based payment system supporting financial inclusion and responsible financial services innovation.
Image credit: Libra.org
