Former Commodity Futures Trading Commission (CFTC) commissioner Mark Wetjen has joined Miami International Holding (MIH), one of the major investors in crypto derivatives exchange LedgerX.
At MIH, Wetjen serves as the CEO of Miami International Futures Exchange, a subsidiary of MIH. His other titles at MIH include the executive vice president of futures and innovative products and the executive regulatory liaison officer, per a Monday press release.
"Mark's strategic and visionary approach, as well as his wealth of knowledge in innovative investment products, will support our continued expansion of new asset class offerings," MIH executive vice president and general counsel Barbara Comly said in a statement.
Wetjen was a CFTC commissioner from 2011 to 2015 after being appointed by former U.S. President Barack Obama, after which he served as the managing director of the Depository Trust and Clearing Corporation.
The former commissioner is also a board member of Ledger Holdings Inc. – LedgerX's parent company – having been added to its ranks back in 2015. Two representatives from MIH occupy two other seats on Ledger Holding Inc.'s board.
The board recently placed two of the exchange's three founders, Paul and Juthica Chou, on leave, an abrupt decision that stirred chaos within the company, as previously reported.
At the time, MIH was accused by one of LedgerX's board members for engaging in unethical processes that led to the two founders' ouster. LedgerX has since appointed the third founder, Zach Dexter, as its new CEO, and it also announced $4 million in financing from MIH and another existing investor, Digital Finance Group.