FTX US Derivatives has added former CFTC Commissioner Jill Sommers to the Company’s Board of Directors.
FTX US Derivatives previously operated as LedgerX, which was acquired by the company in 2021. Regulated by the CFTC, the company provides a digital currency futures and options exchange and clearinghouse for institutional and individual investors.
Sommers issued the following statement after the announcement:
“”I am honored to be joining the FTX US Derivatives Board of Directors to advance the mission of reshaping market structure in the United States. 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.”
Sommers presided at the CFTC during both the Bush (GW) and Obama administration, serving two terms ending in 2013. She is presently a Senior Advisor to Patomak Global Partners, a member of the board of the Ethics and Compliance Initiative, and a board member of Everybody Wins!
Sommers has also worked as 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.
FTX US Derivatives CEO Zach Dexter said they were thrilled to have Sommers on the Board as they continue their mission of “providing industry-leading derivative services to our users and work to evolve the crypto derivatives trading market structure.”
“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.”
While Sommers has been outside of government for a number of years now, simply the knowledge of the inner workings at the Commission, as well as DC connections, will be invaluable as FTX navigates the byzantine regulatory environment.
