Former US under-secretary of the Treasury Stuart Levey has been named as the the first CEO of the Facebook-backed Libra Association. He is currently chief legal officer at HSBC, a role he has held since 2012, and will assume the reins of Libra in the summer when he tenure at the bank ends and be based in Washington DC.
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.
First announced in June 2019, the Libra Association is seeking to create a global payment system and financial infrastructure , however last month, while remaining true to that ambition, the association announced a change of approach, something Levey will lead.
Libra also recently initiated a payment system license under the regulatory supervision of Switzerland’s Financial Markets Supervisory Authority, FINMA, and the association says Levey’s leadership will help ensure its vision for innovation, inclusion, compliance and competition.
“I am honoured to join the Libra Association as it charts a bold path forward to harness the power of technology to transform the global payments landscape,” says Levey. “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 realise this vision.”
Katie Haun, general partner at Andreessen Horowitz and Libra Association board member who led the CEO search committee, adds, “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. 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.”