Former CFTC Commissioner Jill Sommers Joins FTX US Derivatives Board
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Jill Sommers Joins FTX
Sommers worked for the CFTC for two terms, the second of which, after former President Barack Obama's nomination in 2009, lasted for five years. Additionally, Sommers worked for the Chicago Mercantile Exchange and the International Swaps and Derivatives Association (ISDA) as their policy director and head of government affairs, respectively (CME).
According to Sommers, the goal of FTX US Derivatives was to establish itself as "the most regulated digital asset exchange in the world." She stated that the board would collaborate closely with regulators and suggested talks with the CFTC and other members of the U.S. government. FTX US 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,"
Commodity Futures Trading Commission (CFTC)
CEO Sam Bankman-Fried argued for his company's idea to directly clear transactions through the CFTC without using conventional intermediaries in front of a roomful of titans from the derivatives business and regulators in May.
In May, Bankman-Fried and his government relations and policy team also stopped in Washington, D.C., to engage with representatives of the Biden administration. The visit occurred as American lawmakers debated legislation that would specify whether the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC) should serve as the principal federal market regulator for the cryptocurrency sector.