Stuart Levey was roped in as the CEO of Libra Association, the entity managing the Facebook-led drive to build global digital currency Libra. Libra's most prominent original backers, including payments giants MasterCard, Visa and PayPal, also ditched the project in the wake of the scrutiny. In April, its governing body said Libra will be linked to individual national currencies and overseen by global watchdogs, in a scaled-back business model it hopes will win regulatory approval.
Levey is now working at HSBC; the world’s largest banking organization, as Chief Legal Officer. There, he manages a legal department with over 900 lawyers in 50 countries. Besides, he is responsible for all legal advice for the Chief Executive, other senior management, and the Board. Prior to HSBC, Levey served in the U.S. Department of the Treasury as the first Secretary for Terrorism and Financial Intelligence under Presidents Bush and Obama.
According to the Libra Association, Stuart Levey will share his unique leadership experience from both the government and the private sector.
Katie Haun, General Partner at Andreessen Horowitz and Libra Association board member who led the CEO search committee, stated:
“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.”
As Libra Association’s letter reads: “Levey will step down as Chief Legal Officer for HSBC Holdings this summer. Then, he will join the Libra Association”.
