Former CFTC Commissioner Joins FTX US Derivatives Board

Former CFTC commissioner Jill Sommers has joined the board of directors of the cryptocurrency exchange FTX US Derivatives, the company announced.

She is currently a senior adviser at Patomak Global Partners and a member of the boards of the Ethics and Compliance Initiative and the nonprofit Everyone Wins! DC. Previously, she served two terms as a CFTC commissioner through July 2013.

Sommers also has experience in the derivatives industry, including as policy director and head of government relations for the ISDA and as managing director for regulatory affairs at the CME.

Since its launch in 2017, FTX US Derivatives, formerly LedgerX, has made cryptocurrency options and swap contracts available to investors around the clock, seven days a week. Its offerings include physically settled contracts and block and algorithmic trading capabilities for institutional investors.

LedgerX received CFTC approval to operate as an authorized derivatives market in 2019.

In August 2021, the U.S. subsidiary of the bitcoin exchange FTX acquired LedgerX.

FTX US Derivatives currently holds licenses as a designated contract market, a derivatives clearing organization, and a swaps execution facility from the CFTC.

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