Former CFTC Commissioner joins FTX Board

Former CFTC Commissioner joins FTX Board

The former commissioner of the United States Commodity Futures Trading Commission (CFTC), Jill Sommers has joined the board of administrators for FTX US Derivatives.

The firm mentioned that this appointment is to assist bolster the agency’s regulatory efforts.

Zach Dexter, the CEO of FTX US Derivatives mentioned, “I’m thrilled to be working alongside Ms. Sommers as we continue our mission of providing industry-leading derivative services to our users and work to evolve the crypto derivatives trading market structure.”

Sommers served two phrases with the CFTC, which led to July 2013. She was nominated by each President George W. Bush and President Barack Obama. 

Throughout her profession she has additionally acted because the Policy Director and Head of Government Affairs for the International Swaps and Derivatives Association (ISDA) and Managing Director of Regulatory Affairs for the Chicago Mercantile Exchange. 

Dexter additional swaid, “Adding Jill’s wealth of experience in the derivatives landscape is an invaluable resource for our board as we traverse through the evolving digital asset ecosystem and its integration into the broader financial market structure.”

According to Sommers, FTX US Derivatives aimed to turn out to be “the most regulated digital asset exchange in the world.” She additionally mentioned that the corporate would “continue working closely with regulators.”

In November 2021, Mark Wetjen, one other former CFTC commissioner joined the FTX US because the agency’s head of coverage and regulatory technique.

The firm’s CEO Sam Bankman-Fried and his regulatory staff visited the White House in May to satisfy with coverage advisor Charlotte Butash.

Compiled by Coinbold

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