EX CFTC Commissioner Joins FTX US Derivatives as Board Member

UTC by Ibukun Ogundare · 3 min read
EX CFTC Commissioner Joins FTX US Derivatives as Board Member
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Zach Dexter, FTX US Derivatives CEO, noted his satisfaction with working with the former CFTC Commissioner.

The US arm of cryptocurrency derivatives exchanges FTX has onboarded a former Commissioner of the Commodity Futures Trading Commission (CFTC) as a board member. On the 1st of September, FTX announced that Jill Sommers had joined the company’s Board of Directors. The ex-commissioner’s addition is a move to boost the exchange’s regulatory efforts.

Over time, FTX US Derivatives has been steadily offering investors crypto-related options and swaps contracts. The crypto company was the first to roll out Bitcoin mini contracts in the US, providing physical settlements of all contracts, etc. It also offers direct access for traders and algorithmic trading opportunities for businesses.

FTX US Derivatives Onboards Former CFTC Commissioner

In her comments on becoming a member of the Board of Directors at FTX US, the former CFTC Commissioner said the purpose is to reshape the market structure in the US. She expressed her delight over the new responsibility, adding:

“The company has been at the forefront of bridging the gap between traditional and digital assets while staying true to its founding principles of transparency and leading the charge toward becoming the most regulated digital asset exchange in the world. I’m excited to join the board as we continue working closely with regulators to further establish FTX US Derivatives as the premier regulated crypto derivatives trading platform.”

The former regulator served two consecutive terms under the administration of ex-presidents George W. Bush and Barack Obama. Her job as a CFTC Commissioner ended after six years on the 8th of July, 2013. She was also the Policy Director and Head of Government Affairs for the International Swaps and Derivatives Association (ISDA). The new FTX US Board Member previously worked for the Chicago Mercantile Exchange (CME). After years of commitment in different roles, Sommers is currently a Senior Advisor to Patomak Global Partners. She is a Board Member of the Ethics and Compliance Initiative and a member of the board of Everybody Wins! DC.

FTX US Derivatives’ CEO on New Board Member

Furthermore, Zach Dexter, FTX US Derivatives CEO, noted his satisfaction with working with the former CFTC Commissioner. He stated that he is “thrilled” to be working with Sommers on the journey to providing industry-leading services to users. Dexter added:

“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.”

After opening its stock trading to all US users, FTX US revealed plans to enter the equity options market. President Brett Harrison said the FTX US may be in the right position to capitalize on certain opportunities. He added that the crypto company hopes to combine stocks and crypto offerings into the same application for its users.

Blockchain News, Cryptocurrency News, News
Ibukun Ogundare

Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.

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