According to the announcement, Jill Sommers became the latest board member of crypto exchange FTX US, a subsidiary of the Bahrain-based crypto exchange FTX, on September 1. From 2007 to 2013, Sommers served as a CFTC commissioner under the leadership of former US Presidents George W. Bush and Barack Obama. Additionally, he oversaw regulatory relations at the Chicago Mercantile Exchange as managing director.
FTX US Derivatives CEO Zach Dexter:
“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.”
FTX US has suggested changing its clearinghouse licence to allow for margin crypto-based products without the use of intermediaries. Congressmen have proposed bills that would outline the legal framework for cryptocurrency offers, whether by bringing them under the CFTC’s or the SEC’s jurisdiction. The Digital Commodities Consumer Protection Act, introduced on August 3 by four US lawmakers, sought to increase the CFTC’s authority by requiring cryptocurrency companies to adhere to many of the same rules as financial institutions that deal in commodities, including registering with the regulator and disclosing specific trading practises and risks.