Libra Association Hires Former HSBC CEO

The Libra Association, the organization developing the Facebook-backed cryptocurrency payments project, has hired a banking heavyweight with 25 years at HSBC.

AccessTimeIconSep 17, 2020 at 10:56 a.m. UTC
Updated May 9, 2023 at 3:11 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

The Libra Association, the organization developing the Facebook-backed cryptocurrency project libra, has hired a banking heavyweight to help drive the initiative forward.

  • The Geneva-based organization announced Thursday that former HSBC executive James Emmett will take on the role of managing director of Libra Networks LLC, the operating company subsidiary of the Libra Association.
  • Taking up his new position on Oct. 1, Emmett will "help make Libra's vision a reality," said the association's CEO, Stuart Levey.
  • Emmett brings 25 years of experience at HSBC, where has was previously CEO of HSBC Bank PLC and Europe.
  • Before that he was chief operating officer at the bank, where he guided technology and operations.
  • Talking of his new role, Emmett said: " 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.”
  • The Libra project is forging on with its plans, despite having had strident pushback from regulators and politicians over its potential affects on financial stability and monetary sovereignty.
  • In effect, some fear that a digital payments system pushed over Facebook's network of billions of global users could lessen the influence of fiat currencies and the powers that control them.
  • Libra was said to have abandoned plans for its stablecoin to be backed by a basket of major fiat currencies, though that was disputed by its policy director in July.
  • To help smooth its path with the world's watchdogs, Libra has been hiring legal experts with connections to government such as the former general counsel of the U.S. Department of Homeland Security and a former aide to a U.S. senator.
  • Meanwhile, the European Union may bring in regulation that would set stringent standards for "global stablecoins," the apparent regulators' code term for libra.
  • Crypto in Washington: What Politicians Are Saying About Digital Assets
    01:33
    Crypto in Washington: What Politicians Are Saying About Digital Assets
  • Crypto Traders Grow Bearish as Aptos Plans $103M APT Token Unlock in November: Data
    01:13
    Crypto Traders Grow Bearish as Aptos Plans $103M APT Token Unlock in November: Data
  • Thailand Issues Warning Against Meta Over Fraudulent Crypto Ads
    05:12
    Thailand Issues Warning Against Meta Over Fraudulent Crypto Ads
  • Thailand Warns Facebook Parent Company Meta to Curb Crypto Scams
    02:21
    Thailand Warns Facebook Parent Company Meta to Curb Crypto Scams
  • Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.