Facebook’s Libra Appoints New CEO to Spearhead Roll Out

The Libra Association, a Facebook-led effort to create a digital currency, has named HSBC exec Stuart Levey as its first-ever CEO. Levey will join Libra at an unspecified date this summer.

As the CEO Levey will serve as the strategic leader for the project as the company attempts to “combine technology innovation with a robust compliance and regulatory framework.”

Levey is currently the Chief Legal Officer for HSBC and sits on the bank’s Group Executive Committee. Before he joined HSBC in 2012, Levey served in the US Department of the Treasury as the Under Secretary for Terrorism and Financial Intelligence from 2004 to 2011. Levey also served in several senior roles at the US Department of Justice from 2001 to 2004 and spent 11 years in private practice.

In a press release, 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.” Levey also stated, “I look forward to working closely with governments, regulators, and all of our stakeholders to realize this vision.”

Libra board member Katie Haun, said Levey’s “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.”

Libra initially announced its digital currency in July 2019, but its progress has been hamstrung as partners have deserted it, and regulators have been skeptical of the project. However, just last month Checkout.com became the first payments firm to join the Libra Association since Visa, Mastercard, and Stripe pulled out last year over regulatory concerns. Additionally, Libra overhauled its initial plan last month by proposing several “stablecoins” pegged to different currencies, as well as a multi-currency Libra token.