Facebook-led Libra Association has been moving forward with its plan to launch the stablecoin before the end of this year. Earlier, Libra Association made some changes to its white paper to please the regulators all around the world. Facebook received heavy criticism when it announced the plans to launch the stablecoin. Some regulators even vowed not to develop Libra on their soil, but the crypto project has come a long way since then as several changes have been made.
Stuart Levey will oversee compliance and regulatory procedure.
Libra Association has hired a former US Treasury Department official to oversee the compliance and regulatory procedures of the controversial cryptocurrency project. Stuart Levey had previously served as the first Under Secretary of the Treasury for Terrorism and Financial Intelligence under George W. Bush and Barack Obama administrations. The new appointment by Libra Association could help put global regulators at ease as Stuart Levey has strong credentials. In his time serving for the US government, Levey was tasked with formulating relevant policies for combating illicit finance. He also worked for roughly eight years as the Chief Legal Officer at HBSC, which is a financial institution with a global presence.
“Libra Association has plans to transform the global payment landscape.”
While speaking about taking on his new role at Libra Association, Stuart Levey said that he is honored to join the Libra Association as it has a bold path forward to use the power of technology to transform the global payments landscape. He further noted that technology has the capability to make it easier to make global transactions for individuals and businesses and empower more than a billion people that are not included in the current financial system. Stuart Levey plans to work closely with regulators, governments, and all Libra stakeholders to make sure that the association’s dream is ultimately realized.
Controversies have surrounded Libra since Facebook announced the project last year. Libra Association is insisting on the launch of stablecoin before the end of this year.