FTX US Derivatives adds former CFTC commissioner to board

Quick Take

  • FTX  adds former regulator to board of its US derivatives affiliate. 
  • Jill Sommers served as a CFTC commissioner under both the Bush and Obama administrations.

Former Commodity Futures Trading Commissioner Jill Sommers has joined the board of FTX’s US derivatives subsidiary.

A Republican appointee under Presidents George W. Bush and Barack Obama, Sommers served on the commission for six years and is currently a senior advisor at the financial consultancy Patomak Global Partners.  

"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,” Sommers said in the release announcing her board seat.  

Mark Wetjen, another former CFTC commissioner, currently leads FTX.US’s policy and regulatory strategy. The exchange has pushed the commodities regulator to allow it increased flexibility in how it can offer leveraged trades on cryptocurrency to US retail investors.  

Disclaimer: The former CEO and majority shareholder of The Block has disclosed a series of loans from former FTX and Alameda founder Sam Bankman-Fried.

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