The former commissioner of the United States Commodity Futures Trading Commission (CFTC), Jill Sommers has joined the board of directors for FTX US Derivatives.
The company said that this appointment is to help bolster the firm’s regulatory efforts.
Zach Dexter, the CEO of FTX US Derivatives said, “I’m thrilled to be working alongside Ms. Sommers as we continue our mission of providing industry-leading derivative services to our users and work to evolve the crypto derivatives trading market structure.”
Sommers served two terms with the CFTC, which ended in July 2013. She was nominated by both President George W. Bush and President Barack Obama.
Throughout her career she has also acted as the Policy Director and Head of Government Affairs for the International Swaps and Derivatives Association (ISDA) and Managing Director of Regulatory Affairs for the Chicago Mercantile Exchange.
Dexter further swaid, “Adding Jill’s wealth of experience in the derivatives landscape is an invaluable resource for our board as we traverse through the evolving digital asset ecosystem and its integration into the broader financial market structure.”
According to Sommers, FTX US Derivatives aimed to become “the most regulated digital asset exchange in the world.” She also said that the company would “continue working closely with regulators.”
In November 2021, Mark Wetjen, another former CFTC commissioner joined the FTX US as the firm’s head of policy and regulatory strategy.
The company’s CEO Sam Bankman-Fried and his regulatory team visited the White House in May to meet with policy advisor Charlotte Butash.
