The Libra Association has hired Stevan Bunnel, a veteran of the U.S. Department of Homeland Security, as its general counsel just three months after announcing his predecessor.
- According to a Thursday report by Bloomberg Law, Bunnel will replace Libra's first-ever general counsel, Robert Werner, a former FinCEN staffer who was hired in May.
- Werner said Bunnel is "an outstanding lawyer and a great guy."
- Bunnel brings considerable experience to the role having spent time at Homeland Security as general counsel, and before that holding the position of managing partner of the Washington, D.C., office of O’Melveny & Myers LLP, a large international law firm.
- Earlier in his career, Bunnel spent several years at the Washington, D.C., U.S. Attorney's Office, per his LinkedIn profile.
- The general counsel role meant Werner would have had to give up his seat on the board of directors at Deutsche Bank Trust Co., a position he told Bloomberg was unwilling to relinquish.
- The Libra Association, comprised of some 26 members including Facebook, was created to develop a global digital currency payments network.
- The association has come under fire on multiple occasions from regulators and lawmakers over concerns the project poses a threat to central bank policies and fiscal sovereignty.
- In recent months, Libra has been building a stronger legal team to help smooth its path to launch.