Jill Sommers, former commissioner of the Commodity Futures Trading Commission (CFTC), officially joins the board of directors of the US branch of FTX.
Last evening (September one), the FTX US derivatives exchange officially named former CFTC commissioner Jill Sommers to its board of directors, to aid strengthen the company’s regulatory efforts.
Welcome to FTX, Commissioner Somers!https://t.co/8FBON88fup
– SBF (@SBF_FTX) 1 September 2022
Sommers served two terms at the CFTC, underneath Presidents George W. Bush and Barack Obama. He is at the moment senior advisor to the fiscal advisory company Patomak Global Partners.
Somers expressed the causes why he chose to return to FTX announcement:
“FTX has always been at the forefront of bridging the gap between traditional and digital assets, staying true to the founding principles of transparency and being a regulated digital asset exchange. The strictest rule in the world.”
Mark Wetjen, a further former CFTC commissioner, is at the moment also the strategic and political leader of FTX.
In the previous, there have been consistent moves to “make friends”, even “pressure” the US government to strengthen the FTX legal corridor.
In May, Sam Bankman-Fried participated in an in-individual discussion organized by the CFTC in Washington and quite a few expert derivatives organizations this kind of as the CME Group to go over the proposal. do away with futures commission sellers (FCMs) as brokers or intermediaries in the Bitcoin futures market place in addition to negotiating the improvement of the sector.
At the identical time, the CEO and his political group stopped in Washington, DC to speak to White House policy advisor Charlotte Butash with quite a few ambitions. The journey comes as US lawmakers are debating irrespective of whether the CFTC or the Securities and Exchange Commission (SEC) need to act as the main regulator of the federal market place for the cryptocurrency sector. .
Just about two months in the past, the CEO of FTX also meant to “donate $ 100 million” to the up coming US presidential candidate. There have been quite a few reviews that the richest billionaire in the cryptocurrency sector will produce a “super organization” to mobilize politics in the United States, but Mr. Bankman-Fried instantly denied.
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