Former Commodities and Futures Trading Commission (CFTC) commissioner Jill Sommers has joined the board of Sam Bankman-Fried and FTX US Derivatives (previously LedgerX).
Jill Sommers was initially nominated to the commission by George W. Bush and later by Barack Obama.
She had worked in the derivatives market for the International Swaps and Derivatives Association and the Chicago Mercantile Exchange before joining the CFTC. Sommers served on the commission for six years and is now a senior advisor with the financial consultancy of Patomak Global Partners.
Sommers said in the release announcing her board seat:
“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.”
CEO of FTX Sam Bankman-Fried also welcomed the new member of the company:
Jill Sommers returns to the industry amidst FTX and Sam Bankman-Fried’s attempts to have the CFTC as the primary regulator for cryptocurrency markets. FTX has recently released policy pieces to promote this view and push legislation. This would make the CFTC the primary regulator of the cryptocurrency markets.
Another former CFTC commissioner, Mark Wetjen, is now in charge of FTX.US’s policy and regulatory strategy. The exchange has lobbied the commodities regulator to give it more leeway in offering leveraged bitcoin trading to US retail customers.
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