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FTX.US Derivatives Deepens Board With Addition of Ex-CFTC Commissioner
The hire comes as FTX has previously pitched the CFTC to directly clear customers' crypto swaps.
Updated May 11, 2023, 6:55 p.m. Published Sep 1, 2022, 3:28 p.m.
Futures exchange FTX.US Derivatives said Thursday that former CFTC Commissioner Jill Sommers has joined its board in a move to help bolster the firm’s regulatory efforts.
Sommers served two terms at the CFTC, with the second term being a five-year stint beginning in 2009 when she was nominated by former President Barack Obama. Sommers also spent time as the policy director and head of government affairs for the International Swaps and Derivatives Association (ISDA), and also worked for the Chicago Mercantile Exchange (CME).
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“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,” FTX.US Derivatives CEO Zach Dexter said in a statement.
In May, CEO Sam Bankman-Fried faced a roomful of derivatives industry giants and regulators to argue for his company’s proposal to directly clear transactions through the CFTC without traditional intermediaries.
Additionally, in May Bankman-Fried and his government relations and policy team made a stop in Washington, D.C., to speak with Biden administration officials. The visit came at a time when U.S. lawmakers are considering bills that would clarify whether the CFTC or the Securities and Exchange Commission (SEC) should act as the crypto industry's primary federal market regulator.
Read more: Crypto Exchange FTX's CEO Visited White House Amid Regulatory Fight
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