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    Home » Crypto News » Libra Association Appoints Its Second Chief Legal Officer In Three Months

    Libra Association Appoints Its Second Chief Legal Officer In Three Months

    Author: Jordan Lyanchev

    Last Updated Aug 27, 2020 @ 09:40

    The Libra Association has replaced its CLO Robert Werner with former general counsel at the US Department of Homeland Security – Stevan Bunnell.

    The Libra Association, the entity behind Facebook’s future Libra cryptocurrency, has appointed its second general counsel in three months. Previously acting as the general counsel at the Homeland Security Department, Stevan Bunnell has replaced Robert Werner as the new Chief Legal Officer.

    Libra Appoints A New CLO

    According to the Bloomberg Law report, Robert Werner, hired by Libra to serve as its first-ever general counsel in May, confirmed the news that Bunnell has taken over his job. Werner noted that “Steve is an outstanding lawyer and a great guy, and I decided that the role wasn’t the right fit for me.”

    Werner further explained that his position as the general counsel for Libra would have required him to give up his spot on the board of directors for Deutsche Bank Trust Co. and Deutsche Bank Trust Co. Americas. A position he has “very much enjoyed over the past year.”

    Bunnell served as managing partner of O’Melveny & Myers’ Washington office, which advised several cryptocurrency companies on the creation of the Crypto Rating Council. The CRC is an association seeking to implement digital currency compliance with the US securities laws.

    Before working at the O’Melveny law firm, Bunnell also served as the general counsel for the US Department of Homeland Security (DHS) for over three years.

    Stevan Bunnell. Source: Law.com
    Stevan Bunnell. Source: Law.com

    Libra’s Latest Developments

    Although Facebook’s planned cryptocurrency took the digital asset world by storm last year when announced, the project faced regulatory scrutiny from numerous watchdogs. It attempted to amend some of them with the appointment of a new CEO and rebranding its wallet from Calibra to Novi.

    Libra Association’s Vice Chair, Dante Disparte, recently made the case on why cryptocurrencies, central bank digital currencies (CBDCs), and other blockchain-based payment methods (such as Facebook’s Libra) could have a substantial role in an upcoming digitalized world.

    Disparte argued that it’s currently “expensive to be poor,” with over 1 billion people unbanked worldwide. However, digital assets have the potential to close that bridge and to “extend the reach of human connectivity.” He added that blockchain-based payment systems could reduce costs and improve processing transaction speeds by eliminating the third-party.

    Nevertheless, he highlighted the necessity of establishing clear regulatory frameworks before launching any “potentially disruptive” digital assets for mass usage. The responsibility for this, Disparte continued, falls on the Financial Stability Board – an international body monitoring the global financial system.

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    Read more on: Diem (Libra) Diem Association (Libra) United States

    About The Author

    Jordan Lyanchev View more posts by this author

    Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

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