The Libra Association has stated that it has established the Libra Association Council and elected the board of directors.
The association charter was signed by the representatives of these 21 companies:
Anchorage, Andreessen Horowitz, Bison Trails, Breakthrough Initiatives, Calibra (owned by Facebook), Coinbase, Creative Destruction Lab, Farfetch, Iliad, Kiva Microfunds, Lyft, Mercy Corps, PayU, Ribbit Capital, Spotify, Thrive Capital, Uber, Union Square Ventures, Vodafone, Women’s World Banking and Xapo.
Booking.com has joined PayPal, VISA, MasterCard, eBay and Stripe, which are no longer members of the association.
By signing the association charter, these 21 companies became initial members of the Libra Council, the body responsible for the governance of the association that has already appointed the board of directors. Its members are Matthew Davie of Kiva Microfunds, Patrick Ellis of PayU, Katie Haun of Andreessen Horowitz, David Marcus of Calibra and Wences Casares of Xapo.
Subsequently, the board of directors officially appointed the staff: Bertrand Perez, Chief Operating Officer and Interim Managing Director, Dante Disparte, Head of Policy and Communications, and Kurt Hemecker, Head of Business Development.
The announcement also states that the association will continue to work with regulators around the world to define governance before launching the stablecoin on the market.
According to a report in the Financial Times today, the association will struggle to secure regulatory approval by the scheduled launch date in the second half of 2020.
Dante Disparte himself said:
“Even though we may be ready with the technology, the regulatory piece is the bit that carries the most uncertainty. We need to make sure we pursue the right licensing approvals, and that is the part that may not be ready in time”.
He also added that the stablecoin will not be launched until regulatory approval is guaranteed in Europe and the United States.