The Libra Association moved to build credibility around Facebook’s troubled cryptocurrency plans, naming an experienced financial expert as its first CEO.
Stuart Levey, currently chief legal officer at HSBC (pictured, right), is set to join the association in the coming months. In a statement, the group said he brings “a wealth of leadership experience in the public and private sectors” covering “banking, regulatory policy and national security issues”.
Prior to HSBC, Levey served as under secretary of the US Treasury for Terrorism and Financial Intelligence during the presidencies of George Bush and Barack Obama. Libra Association noted Levey was “instrumental in setting US and international policy to combat illicit finance”.
Katie Haun, general partner at Andreessen Horowitz and a Libra Association board member, said Levey shared the group’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”.
Facebook last month detailed a revamp of Libra, following a regulatory backlash and the loss of several key initial backers including Vodafone Group, Visa and Mastercard.Subscribe to our daily newsletter Back