- Stuart Levey, who currently works in a senior role at HSBC and who previously worked for the US government under Bush and Obama, will join the Libra Association
- Levey will work from Washington, DC despite Libra being based in Geneva in Switzerland, where it is attempting to secure a license
- “I am honored to join the Libra Association as it charts a bold path forward”, said Levey in a statement
Facebook’s cryptocurrency and burgeoning online money transfer service Libra has appointed a new leader.
The independent Libra Association has hired Stuart Levey, who is leaving as chief legal officer at HSBC Holdings, to head up Libra operations as CEO.
Prior to HSBC, he worked as first undersecretary of the treasury for terrorism and financial intelligence in the US, which is a government post.
He worked in this capacity for both George W. Bush and Barack Obama, with a focus on tackling illicit finance through policy creation.
Levey will be based in Washington, DC – although Libra itself is based in Geneva in Switzerland.
The appointment comes after the Libra Association lodged an application with FINMA, a market regulator in Switzerland, to receive a payment system license.
Commenting on his appointment, Levey said that Libra was in the midst of charting “a bold path forward”.
“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”, he said.
“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”, he added.
According to Katie Haun, who serves as a general partner at Andreessen Horowitz and is also a member of the Libra Association Board, one of the appealing things about Levey’s CV was that his experience combines both the private and public sectors.
"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”, she said.
“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.”
“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”, she added.
Libra is just one interesting name to keep an eye on in the international money transfer field.
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