Libra Association Replaced Its CLO With Former DHS Counsel

The Libra Association replaced its Chief Legal Officer Robert Werner with a former general counsel at the Department of Homeland Security Steven Bunnell. In our Libra news today, we are reading more about their decision.

The Libra Association replaced Werner with a new general counsel who worked at the Homeland Security Department, marking the second change in three months.  According to the Bloomberg Law reports, Robert Werner was hired by Libra to serve as the first-ever general counsel back in May, has now confirmed the news that Bunnell took 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 also explained that his position as a general counsel for Libra will require him to give up his spot on the board of directors for the Deutsche Bank Trust and the trust in the USA which is a position that he “very much enjoyed over the past year. Bunnell served many years as a managing partner of O’Melveny and Myers Washington office which advised a few crypto companies on the creation of the Crypto rating council. The CRC is also an association that seeks to implement crypto compliance with US laws.

Before working with the law firm, Bunnell served as the general counsel for the US Department of Homeland Security for more than three years. Facebook’s planned cryptocurrency Libra took the digital asset world by storm in 2019 when announced and the project faced regulatory scrutiny from multiple watchdogs. It attempted to amend some of them with the appointment with the new CEO  and the rebranding from Calibra to Novi.

Libra’s Vice-Chair Dante Disparte made the case on why cryptocurrencies and central bank digital currencies will have a huge role in the upcoming digitalized world. Disparte argued that it is now quite expensive to be poor with more than 1 billion people unbanked across the world. Digital assets have the potential to close that bridge and to extend the reach of human connectivity by adding that the Blockchain-based payment systems will reduce costs and improve the processing transaction speeds by eliminating the third-party.

He highlighted the necessity of establishing a better regulatory framework before launching more disruptive digital assets for mass usage. The responsibility for this, Disparte says that it falls on the Financial Stability Board which is intentionally monitoring the global financial system.