Former CFTC Commissioner Joins FTX US' Board Of Directors

Former Commissioner of the Commodity Futures Trading Commission (CFTC), Jill Sommers, has joined the Board of Directors of FTX U.S.

According to a Thursday statement from the CFTC regulated digital asset futures and options exchange and clearinghouse, Sommers will work to establish "FTX US Derivatives as the premier regulated crypto derivatives trading platform."

Sommers was the CFTC Commissioner under Presidents Barack Obama and George W. Bush and ended her six years of service on July 8, 2018.

"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," said Sommers.

FTX U.S., formerly known as LedgerX, is one of the first firms to introduce crypto-related options and swaps to customers 24/7. Moreover, the firm also pioneered Bitcoin mini contracts in the United States.

The former CFTC head is currently the Senior Advisor to Patomak Global Partners, a member of the board of the Ethics and Compliance Initiative, and a board member of Everybody Wins! DC.

The U.S. arm of the crypto exchange also revealed that Sommers was also the 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 (CME).

FTX U.S. Head of Policy, Mark Wetjen, who was also a former CFTC Commissioner, welcomed Sommers in a Twitter post seen below.

FTX U.S. Derivatives CEO Zach Dexter said: "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."