The Libra Association has announced the appointment of HSBC Chief Legal Officer, Stuart Levey as its first Chief Executive Officer. Levey will step down from his current role at HSBC and assume his new role at Libra Association later this summer.
As the CEO of the association, Levey will serve as the overall strategic leader for the project. He is expected to bring his extensive expertise to combine technology innovation with a robust compliance and regulatory framework. According to the announcement, Levey’s leadership, amidst the recent initiation of a payments system license under the regulatory supervision of Switzerland’s Financial Markets Supervisory Authority, will help ensure the realization of the association’s vision.
Prior to joining HSBC, Levey had served as the first Under Secretary of the Treasury for Terrorism and Financial Intelligence during the administration of former Presidents Bush and Obama. During his term of office, Levey was very proactive in setting U.S. and international policy to combat illicit finance. He had earlier served in senior roles at the U.S Department of Justice, including as the Principal Associate Deputy Attorney General.
Commenting on his appointment, Levey said he is 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 added that:
“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.”
Katie Haun is the General Partner at Andreessen Horowitz and also Libra Association board member who led the CEO search committee. According to him, Levey brings to the association the real combination of an accomplished leader in both the government and the private sector. He added that, Levey shares the association’s vision for using blockchain technology to deliver a more open, inclusive and high-functioning payments system that puts crypto in the hands of billions around the world.