Libra Association Appoints Steve Bunnell As Its New Chief Legal Officerbr>
The Libra Association has appointed Steve Bunnell as its new top lawyer, replacing Robert Werner, who joined the association in May of this year as its first general counsel.
The Libra Association was established by social media giant Facebook to oversee the Libra token, a permissioned blockchain digital currency. The plan is for the Libra token to be backed by financial assets such as a basket of currencies, and US Treasury securities in an attempt to avoid volatility. The association membership is comprised of geographically distributed and diverse businesses and nonprofit organizations working to create a blockchain-based payment system supporting financial inclusion and responsible financial services innovation.
Bunnell brings deep legal, national security, law enforcement, and regulatory experience as a former General Counsel of the U.S. Department of Homeland Security, and a former Chief of the Criminal Division of the U.S. Attorney’s Office for the District of Columbia. He has also had a distinguished career in private practice at the international law firm of O’Melveny & Meyers LLP, where he was Co-Chair of the firm’s Data Security and Privacy Practice and formerly the Managing Partner of the Washington, D.C. office. His legal practice includes extensive experience advising blockchain industry clients and financial institutions on regulatory and government enforcement matters.
“I am excited about joining the Libra Association and working alongside Stuart, the outstanding team, and members of the Association,” said Bunnell. “I look forward to contributing to the important work of developing a new global payment system that will safely provide enhanced efficiency and transparency, and promote greater financial inclusion for unbanked and underbanked people.”
The appointment came after Facebook launched a new product group that intends to disrupt the FinTech industry. Called F2 (Facebook Financial), the newly launched product group is dedicated to promoting commerce and payment opportunities.
“I am thrilled to welcome Steve Bunnell to the Libra Association,” said Stuart Levey, the Libra Association’s Chief Executive Officer. “Having a lawyer with Steve’s character, breadth of experience, and credibility with such a wide range of stakeholders will be a tremendous asset as we pursue our goal of providing a more open, inclusive, and high-functioning payment system.”