Stevan Bunnel Appointed Chief Counsel of the Libra Association

Stevan Bunnel’s New Role

Stevan Bunnel, the legal eagle who once soared through the halls of the U.S. Department of Homeland Security, has landed a new gig as the chief counsel for the Libra Association. Having traded in his government-issued badge for a legal briefcase, Bunnel is set to bring his expertise to the forefront of the digital finance sector.

A Background in Data Privacy

Before joining Libra Association, Bunnel wasn’t just hanging out in coffee shops pondering the future of finance. He co-chaired a data privacy-focused practice at a reputable law firm, O’Melveny & Myers. His legal prowess is not just about keeping the bad guys at bay but also navigating the complex waters of privacy law, making him a fitting addition to the Libra team.

The Transition and What’s Next

Bunnel’s appointment comes on the heels of Facebook forming a new product division dedicated to payments and commerce. Under the leadership of David Marcus, one of Libra’s co-creators, this division is set to tackle the exciting world (and regulatory minefield) of digital payments. Their first project? Bringing payments to WhatsApp in emerging markets like Brazil and India. Fingers crossed for smooth sailing!

Behind the Departure of Robert Werner

In a somewhat cloak-and-dagger move, Bunnel steps into the shoes of Robert Werner, who made his exit from the role due to a conflict with his seat on Deutsche Bank Trust Co.’s board. Werner isn’t just any lawyer; he’s a former director at FinCEN and has seen the ins and outs of financial law. In casual remarks to Bloomberg, he called Bunnel a “great guy”—and who wouldn’t want to be called that in a job announcement?

The WhatsApp Payment Saga

Add some flavor to this corporate tale with the backdrop of WhatsApp’s payments feature facing a bit of a roller coaster ride. Back in July, regulators in Brazil hit the brakes on the service after initial trials, expressing concerns over Facebook’s potential to corner the market on digital payments. But with Bunnel on the team, perhaps the Libra Association can navigate these treacherous waters and keep the party going!