The Libra Association has appointed HSBC chief legal officer Stuart Levey as its first chief executive.

Prior to joining HSBC, he served as the first under secretary of the Treasury for terrorism and financial intelligence during the Bush and Obama administrations, helping to set US and international policy to combat illicit finance.

First announced last June, the Libra Association’s mission is to enable a blockchain-based global payment system and financial infrastructure. Levey will serve as the overall strategic leader for the project, bringing his extensive expertise to combine technology innovation with compliance and a regulatory framework.

Levey will step down from his role at HSBC and join the Libra Association later this summer.

“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," commented Levey.

Katie Haun, general partner at Andreessen Horowitz and the Libra Association board member who led the chief executive search committee, added: “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.”

On April 16, the Libra Association - headquartered in Geneva - formally initiated the payment system licensing process with Swiss financial regulator FINMA. It also released an updated white paper and announced that the near-term operating expenses of the Libra Association have now been funded by its members.

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