Libra Association Names Robert Werner as General Counsel

The Libra Association announced on Tuesday that it has appointed Robert Werner as its General Counsel, to help guide the non-profit as it tries to get regulators onboard the proposed digital currency of Facebook.

Werner joins the independent member organisation with a lot of experience in regulatory, financial crime compliance and enforcement, having worked in both the public and private sectors.

Before joining the Libra Association as General Counsel, Werner was the founder and CEO of GRH Consulting. During his career, he has held leadership positions at several well-known financial institutions, including HSBC and Goldman Sachs, where he was the Enterprise Executive for Policy, Privacy and Regulatory Relations. Werner also led financial crime compliance for Merrill Lynch.

Commenting on his new role, Werner said in the statement: "I am grateful for the opportunity to join the Libra Association, as we work to transform the global Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term landscape to empower billions of people.

“I have dedicated my career to combating financial crime and helping complex organizations achieve regulatory compliance, both in government and in the private sector. I look forward to meaningfully contributing to such an impactful project.”

During his career, Werner has served at the highest levels of the United States Department of the Treasury as the Director of the Financial Crimes Enforcement Network, (FinCEN). He was also on the Board of Directors of Deutsche Bank Trust Company and Deutsche Bank Trust Company Americas.

Libra Association working with FINMA

Werner joins the Libra Association after the company started the payment system licensing process with the Swiss Financial Market Supervisory Authority (FINMA) on the 16th of April, 2020.

Furthermore, the Libra Association has released an updated Whitepaper Whitepaper A whitepaper is defined as a pitch or persuasive, authoritative, and often in-depth report on a specific topic that presents a problem along with a respective solution. Marketers rely on whitepapers for a variety of reasons, most simply to educate an audience about a particular issue or to promote a particular methodology. In the cryptocurrency world, a whitepaper is a document that should contain all of the information about the technology that was used to build a cryptocurrency network, and ho A whitepaper is defined as a pitch or persuasive, authoritative, and often in-depth report on a specific topic that presents a problem along with a respective solution. Marketers rely on whitepapers for a variety of reasons, most simply to educate an audience about a particular issue or to promote a particular methodology. In the cryptocurrency world, a whitepaper is a document that should contain all of the information about the technology that was used to build a cryptocurrency network, and ho Read this Term, in which Facebook has made a number of compromises in order to get regulators more on board with the project.

As Finance Magnates reported, according to the cover letter that accompanied the newest version of the whitepaper, Facebook says that it will be “enhancing the safety of the Libra payment system with a robust compliance framework” and “building strong protections into the design of the Libra Reserve.” However, perhaps the most significant departure that Libra 2.0 takes from the first version of the project is the movement away from a ‘single token’ model.