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Today, the Libra Association announced Robert Werner as General Counsel. He adds more regulatory and financial compliance firepower to the Facebook inspired stablecoin and blockchain project. This executive change comes just after the announcement of Libra’s new CEO, Stuart Levey, who recently stepped down from HSBC Holdings as Chief Legal Officer.
The recent changes at the Libra Association seem to be an indication that the new cryptocurrency is serious – really serious – about the mass adoption of digital assets.
Libra said, “Mr. Werner brings a wealth of regulatory, financial crime compliance and enforcement experience from his work in both the public and private sectors.” Mr. Werner notably led HSBC’s and Goldman Sachs’ Policy, Privacy and Regulatory Relations efforts as their Enterprise Executive. He also headed financial crime compliance for Merrill Lynch.
He is no stranger to public policy. He served in senior-level positions at the United States Department of the Treasury as the Director of the Financial Crimes Enforcement Network (FinCEN), Director of the Office of Foreign Assets Control, (OFAC), Senior Counsel to the Under Secretary of the Treasury, Terrorism and Financial Intelligence, and Assistant General Counsel for Enforcement and Intelligence in the Office of the General Counsel.
Libra seems to be positioning itself as a future payment solution for the public. But is this something that is being done to pass legal hurdles to generate a new business model? A revenue stream that is not made from advertisements but by more direct economic involvement in people’s lives?
The Libra Association has undoubtedly raised awareness for digital assets and stablecoins. Time will tell how these developments will change how people interact with currency and their banking system.