Jill Sommers, who served as a commissioner at america Commodity Futures Buying and selling Fee, has joined the board of administrators for FTX US Derivatives.
In a Thursday announcement, crypto trade FTX US’ derivatives arm said Sommers had change into its newest board member in a transfer seeming to extend the corporate’s regulatory efforts. Sommers served as a CFTC commissioner from 2007 to 2013 underneath former Presidents Barack Obama and George W. Bush and was the managing director of regulatory affairs for the Chicago Mercantile Change.
In line with Sommers, FTX US Derivatives aimed to change into “essentially the most regulated digital asset trade on this planet.” She stated the board would work carefully with regulators, suggesting discussions with the CFTC and others inside america authorities.
“Including Jill’s wealth of expertise within the derivatives panorama is a useful useful resource for our board as we traverse by means of the evolving digital asset ecosystem and its integration into the broader monetary market construction,” stated FTX US Derivatives CEO Zach Dexter.
Sommers’ addition to the board adopted former CFTC commissioner Mark Wetjen becoming a member of FTX US because the agency’s head of coverage and regulatory technique in November 2021. Wetjen, who served as a commissioner from 2011 to 2015 and performing chair in 2014, has beforehand supported legislative efforts by the crypto trade linked to increasing the CFTC’s authority. FTX US has proposed amending its clearing home license to incorporate margined crypto-based merchandise with out intermediaries.
Excited to welcome former CFTC commissioner and former colleague, Jill Sommers, to the FTX US Derivatives board! Jill brings spectacular governance and coverage expertise to the FTX crew and I am honored to have her as a direct colleague once more! https://t.co/AAjvOX0nFu
— Mark Wetjen (@MarkWetjen) September 1, 2022
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Members of Congress have a number of items of laws that intention to offer regulatory readability for crypto choices, whether or not which means having them fall underneath the purview of the CFTC or the Securities and Change Fee. On Aug. 3, 4 U.S. lawmakers launched the Digital Commodities Shopper Safety Act, a invoice that proposed increasing the position of the CFTC by requiring crypto corporations to stick to lots of the identical requirements for monetary establishments dealing in commodities — registering with the regulator and making sure disclosures on buying and selling practices and dangers.
