Former CFTC Commissioner Jill Sommers Joins FTX US Derivatives Board of Directors

The addition of Jill Sommers followed former CFTC commissioner Mark Wetjen to head of regulatory policy and strategy from FTX US in November 2021.

Jill Sommers, who served as a commissioner for the US Commodity Futures Trading Commission, has joined the board of directors of FTX US Derivatives.

In an announcement on Thursday, the derivatives arm of crypto exchange FTX US said Sommers had become its newest board member in a move that appeared to increase the firm's regulatory efforts. Sommers served as CFTC Commissioner from 2007 to 2013 under former Presidents Barack Obama and George W. Bush and served as Managing Director of Regulatory Affairs for the Chicago Mercantile Exchange.

According to Sommers, FTX US Derivatives aimed to become "the most regulated digital asset exchange in the world". She said the board would work closely with regulators, suggesting discussions with the CFTC and others in the U.S. government.

“The addition of Jill's extensive experience in the derivatives landscape is an invaluable resource for our Board of Directors as we navigate the evolution of the digital asset ecosystem and its integration into the larger structure. financial market,” said Zach Dexter, CEO of FTX US Derivatives.

Sommers' addition to the board followed former CFTC commissioner Mark Wetjen, who joined FTX US as head of corporate policy and regulatory strategy in November 2021 Wetjen, who served as commissioner from 2011 to 2015 and acting chairman in 2014, has previously supported the crypto exchange's legislative efforts related to expanding the CFTC's authority. FTX US has proposed to amend its clearing house license to include margined crypto products without intermediaries.

Excited to welcome former CFTC Commissioner and former colleague, Jill Sommers, to the FTX US Derivatives Board of Directors! Jill brings impressive governance and policy experience to the FTX team and I am honored to have her as...