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Stevan Bunnel is joining the Libra Association to replace Stuart Levey as the organization’s lead counsel.
The Libra Association led by social media giant Facebook Inc (NASDAQ: FB) has appointed former Homeland security top counsel, Stevan Bunnel as its lead counsel. This latest appointed, first reported by Bloomberg is the second time the highly opposed crypto-centric association will be appointing a lead counsel, as it did so barely three months ago when it welcomed Stuart Levey for the same position. Updates on Bunnel’s LinkedIn page suggested that he joined the association earlier this month.
As reported by Finance Magnates, Werner confirmed to Bloomberg Law that he decided to depart from the non-profit after such a short stint as he was required to relieve his seat at the board of Deutsche Bank Trust Co. and Deutsche Bank Trust Co. Americas, which he did not want to give up.
Battled with regulator’s disapproval on the development of a Libra Coin or other similar tokens has prompted the move by the association to seeks general counsels to help advance its initiatives. The appointment of Stuart Levey with ties to the United States government, followed by that of Stevan Bunnel is indicative of the Libra Association’s subtle plan to get a legal luminary with a deep understanding of the legal dealings in the U.S. to win regulator’s favor.
While the Libra’s new legal boss served with the Department of Homeland security for years, Stuart Levey served in the U.S. Department of the Treasury as the first Under Secretary for Terrorism and Financial Intelligence under Presidents Bush and Obama.
The initial composition of the Libra Association has about 28 founding members all led by Facebook (FB). As regulatory backlash became resounding, many of the organization’s early supporters including PayPal Holdings Inc (NASDAQ: PYPL) began withdrawing their support. While the association is largely functional with its latest appointments, the services of a legal counsel is key in helping it achieve its goal in the long run.
Future Expectations of Libra Association
The Facebook pioneered Libra project is aimed at bringing financial inclusion to everyone. In doing so, the Libra project by design has shown that it is not mandatory to have a Facebook account to use the digital coin Libra. Third parties ranging from Indian fintech PayTM, to Google, to startups, to nonprofits –will be able to design their own marketplaces, wallets, and apps around Libra. That’s the joy of an open-source payments network.
The future anticipation will be to get on the good side of U.S. regulators, who among other things believes the associated digital tokens can pose a threat to the dominance of the United States Dollar. To correct this notion, the Libra Association has abandoned the plans it has for a global digital currency and is set to embrace unique stablecoins which can be built to function in the Libra ecosystem.
While it works it way around U.S. regulators, the project may also face a stiff rebounce from Chinese markets as the People’s Bank of China is doubling up on its efforts to outpace western currency domination through the launch of its DCEP.
While these remain the future challenge/competition the Libra association will have to align in the near future, it will see its new legal chief, Stevan Bunnel get to work.