The Libra Association has hired another top executive with a deep background in banking and compliance to oversee its controversial and as-yet-unlaunched global stablecoin.
The Facebook-founded group announced on Oct. 15 that Ian Jenkins has taken up the dual role of CFO and chief risk officer. He joins recently appointed CEO Stuart Levey and Chief Legal Officer Steve Bunnell at the helm of Libra’s governing body.
Despite recent comments to the contrary by several powerful international organizations, the organization said that Jenkins’ hiring marked the beginning of a move forward in the association’s goal of launching libra.
“Ian’s deep expertise in global finance, risk and strategy will be crucial in bringing the Libra vision to life,” said Libra Networks Managing Director James Emmett in a statement. “I look forward to working with Ian as we move forward to a more operational phase of the project.”
On Oct. 13, a leaked G7 report said that the powerful body of leaders and central bankers of the seven largest economies opposed launching libra until regulations governing global stablecoins are in place. The same day, the Financial Stability Board, an influential international financial regulation advisory group, said that those regulations will not be in place until July 2022 at the earliest—and likely far longer than that.
Decades in banking
Jenkins brings a long history in banking, most recently as head of business finance and group general manager at banking giant HSBC.
“I am excited to join the Libra Networks leadership team at a time when innovation in the financial sector has the potential to empower billions of people worldwide,” said Jenkins. “The Libra project is poised to transform the industry and I am looking forward to being part of this team.”
He has also held leadership roles at Credit Suisse, Abbey National, and Santander, where he was chief risk officer.
Jenkins’ role as chief risk officer will have a high profile at the Libra Association, which is fighting to convince governments and central bankers around the world that its stablecoin will not endanger financial stability or usurp the power of national fiat currencies.
That has played a part in the resumes of other Libra Association leaders.
In addition to many leadership positions in banking, Levey is a past Under Secretary for Terrorism and Financial Intelligence at the U.S. Department of the Treasury, where he oversaw sanctions enforcement and the Financial Crimes Enforcement Network (FinCEN) oversight of anti-money-laundering efforts. And Bunnell is a former general counsel of the U.S. Department of Homeland Security.