The Libra Association appoints Stuart Levey as its first CEO
- Levey will begin work in Summer after stepping down from his current position at HSBC Holdings.
- He is set to bring a vast amount of leadership experience in different sectors to the organisation.
- Before this appointment, Levey served as the first Under Secretary for Terrorism and Financial Intelligence.
The Libra Association, an organization composed of global firms that back Facebook’s Libra stablecoin has appointed Stuart Levey as its first CEO. The organization unveiled this news on May 6 through an official statement. He is currently the Chief Legal Officer for HSBC Holdings, a global bank that had a £42.96 billion of operating capital in the past year. Levey is set to join the Libra Association this summer after stepping down from his position at HBSC.
According to Katie Haun, a General Partner at Andreessen Horowitz, and a Libra Association board member who led the CEO search committee, said,
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“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.”
She added that Levey shares the association’s 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.
Transforming the global payments landscape
This news comes after the Libra Association filed for a payment system license under the regulatory mandate of Switzerland’s Financial Markets Supervisory Authority (FINMA). Declaring its faith in Levey, the association noted that his leadership will help it realize its vision for innovation, inclusion, compliance, and competition.
Commenting on his Appointment, Levey said,
“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.”
Levey served as an Under Secretary for Terrorism
Before joining HSBC Holdings, Levey served in the Department of Treasury as the first Under Secretary for Terrorism and Financial Intelligence. His tenure spanned both Bush and Obama administrations. During his service, he played a key role in setting US and international policies to fight illegal financing. For instance, he oversaw the implementation and enforcement of US sanctions by the Office of Foreign Assets Control (OFAC).
Before his treasury appointment, Levey held several senior roles at the US Department of Justice. One of these roles includes serving as the Principal Associate Deputy Attorney General.
Do you think appointing Stuart Levey as CEO will help the Libra Association overcome regulatory challenges and move to the next development phase of Libra? Share your thoughts in the comment section below.