The Libra Association yesterday announced the signing of a new charter, a new board of directors, and its new executive board⁠—following recent high-profile departures from the Facebook-led stablecoin network.

Following Paypal’s Libra-exit (Librexit?) earlier this month, Visa, eBay, Mastercard and others followed suit, cutting down the Association’s members from 28 members to just 21. 

The remaining members met in Geneva, Switzerland yesterday to sign the Libra Association charter, which governs the currency. The new charter confirmed the purpose of the Libra Association: it “provides basic governance structure and decision-making framework for the Association members to advance the Libra project workstreams,” according to a fact sheet.

“In signing onto the Libra charter, these organization representatives became the initial members of the Libra Council, the body responsible for the governance of the Libra Association,” read a press statement.



According to the fact sheet, this council is “the supreme decision-making body of the Association,” run on a one-vote-one-Council member policy, where the house majority wins, but those members who have conflicts of interests aren’t allowed to vote. 

At the meeting, the Libra Association also appointed a new board of directors that includes the following: Matthew Davie from Kiva Microfunds; Patrick Ellis from PayU; Katie Haun from Andreessen Horowitz; David Marcus from Calibra; and Wences Casares from Xapo Holdings Limited.

The initial Libra Association staff were also appointed: Bertrand Perez, Chief Operating Officer and Interim Managing Director; Dante Disparte, Head of Policy and Communications; and Kurt Hemecker, Head of Business Development.

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