Former CFTC Commissioner Joins the Board of FTX US Derivatives

Key takeaways:

  • Jill Sommers, a former commissioner of the CFTC, has joined the board of directors of the company, according to FTX US Derivatives.
  • She served two consecutive terms as a CFTC Commissioner and was appointed by Presidents George W. Bush and Barack Obama.

Futures alternate FTX. Jill Sommers, a former commissioner of the CFTC, has joined US Derivatives’ board in an attempt to assist the company’s regulatory initiatives, the company announced on Thursday.

Sommers served on the commission for six years as a Republican appointee under Presidents George W. Bush and Barack Obama. He is currently a senior advisor with the financial consulting firm Patomak Global Partners.

According to FTX.US Derivatives CEO Zach Dexter, “Adding Jill’s breadth of knowledge in the derivatives landscape is a tremendous resource for our board as we traverse through the growing digital asset ecosystem and its integration into the broader financial market structure.”

Sommers held a position with the CFTC for two periods, the second of which spanned five years and began in 2009 after former President Barack Obama recommended her for the position.

Additionally, Sommers worked at the Chicago Mercantile Exchange and the International Swaps and Derivatives Association (ISDA) as the policy director and head of government affairs, respectively (CME).

The legislative and regulation approach for FTX.US is presently led by Mark Wetjen, another former CFTC commissioner. The exchange has lobbied for more latitude in how it can provide leveraged transactions on cryptocurrencies to US retail investors from US investors.

In May, CEO Sam Bankman-Fried argued in favor of the company’s proposal to rapidly settle transactions without the use of traditional intermediaries in front of a room full of titans from the derivatives industry and regulators.

Additionally, Bankman-Fried visited the White House in May with her government relations and coverage team as US lawmakers debated whether the CFTC or the Securities and Change Fee (SEC) would serve as the country’s primary federal market regulator.

I’m happy to be working alongside Ms. Sommers as we continue our aim of offering industry-leading derivative services to our users and endeavor to evolve the crypto derivatives trading market structure,” said Zach Dexter, CEO of FTX US Derivatives.

According to documents reviewed by CNBC, the top cryptocurrency exchange platform FTX recently made headlines for its revenue growth of over 1,000% during 2021, from $89 million to $1020 million.

The Federal Deposit Insurance Corporation (FDIC) has issued FTX a cease-and-desist order for making “false and misleading claims” that suggest that its assets are guaranteed by the FDIC at the same time as the report comes out.  As per reports, FTX’s operating income rose significantly from $14 million in 2020 to $272 million in 2021.

Aadrika Sharma
Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

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