In what could be described as a year of re-evaluation for Facebook’s Libra project, the company have spent the last few months tactically restructuring the upper echelons of their team through a series of appointments from the traditional side of banking.
For a global cryptocurrency project, this integration of experience will be invaluable – especially in the areas of regulation and legality – to ensure success in their ambition to revolutionise the financial payments industry.
These new high-profile appointments include Steve Bunnell as Chief Legal Officer – previously in the role of General Counsel of the U.S. Department of Homeland Security, Sterling Daines as Chief Compliance Officer – previously Managing Director at Credit Suisse and Stuart Levey as CEO – previously Chief Legal Officer at HSBC.
After receiving industry-wide criticism from governments and regulatory bodies after their ambitious solo-endeavour to launch a new global payments system – followed by a public grilling in Congress – the Libra team decided to realign their approach to adhere to regulation, as well as rebrand their digital wallet to ensure public clarity on its use-case.
Nowadays, with the addition of expertise and industry experience, coupled with the youthful vim of Silicon Valley, Libra have seemingly found a healthy balance of innovative disruption.
A launch date for the project is still whispered in most circles for the end of 2020.
CEO of the Libra Association, Stuart Levey commented:
“James is a first-class financial services executive with deep substantive expertise and operational experience. I am excited that he is joining us and confident that his leadership will help make Libra’s vision a reality.”
Within the announcement, James Emmett said:
“As someone who is passionate about the opportunities for financial services and technology to make a real difference, I am delighted to be joining Libra Networks with a mission to enhance financial innovation and inclusion and to deliver the operationalization of the network.”