Former CFTC Commissioner Joins FTX.US Board
Godfrey Benjamin Sep 02, 2022 04:05
FTX.US, the United States subsidiary of FTX Derivatives Exchange, has announced the appointment of Jill Sommers to its Board of Directors
FTX.US, the United States subsidiary of FTX Derivatives Exchange, has announced the appointment of Jill Sommers to its Board of Directors.
Sommers served as a 2-term commissioner of the Commodity Futures Trading Commission (CFTC) as nominated by both former Presidents George W. Bush and Barack Obama and was confirmed twice by the US Senate.
As an experienced Policy Adviser in the Derivatives ecosystem, Sommers brings her years of experience to the crypto exchange, which is aiming at establishing its stance as one of the foremost regulated crypto exchanges and Clearinghouses.
"I am honored to be joining the FTX US Derivatives Board of Directors to advance the mission of reshaping market structure in the United States,” Sommers said in a statement, “The company has been at the forefront of bridging the gap between traditional and digital assets while staying true to its founding principles of transparency and leading the charge toward becoming the most regulated digital asset exchange in the world. I'm excited to join the board as we continue working closely with regulators to further establish FTX US Derivatives as the premier regulated crypto derivatives trading platform.”
Since it finalized the acquisition of LedgerX, which it has renamed FTX US Derivatives, it has been offering users crypto-related options and swaps contracts. Besides pioneering Bitcoin mini contracts, FTX US Derivatives also offers physical settlement of all contracts, block trading and algorithmic trading opportunities for institutional investors, and direct access for all traders.
According to CEO Zach Dexter, Sommers’ inclusion on its board will help guide the company as it looks to make a more ambitious plunge into the broader financial ecosystem.
Exchanges are becoming fond of onboarding government officials with deep regulatory experiences to help steer their regulatory push. In like manner, One River Digital Asset Management appointed Jay Clayton to its Advisory board after he stepped down from his role as the Chairman of the US Securities and Exchange Commission (SEC).
Image source: Shutterstock