FTX US Derivatives, a Commodity Futures Trading Commission (CFTC) regulated digital asset futures & options exchange and clearinghouse, announced former CFTC Commissioner, Jill Sommers, has joined the Company’s Board of Directors.

Since launching in 2017, FTX US Derivatives, previously known as LedgerX, has made crypto-related options and swaps contracts available to investors 24/7. The Company pioneered bitcoin mini contracts in the U.S. and its offerings include physical settlement of all contracts, block trading and algorithmic trading opportunities for institutional investors, and direct access for all traders.

Excited to welcome former CFTC commissioner and former colleague, Jill Sommers, to the FTX US Derivatives board! Jill brings impressive governance and policy experience to the FTX team and I'm honored to have her as a direct colleague again! https://t.co/AAjvOX0nFu

— Mark Wetjen (@MarkWetjen) September 1, 2022

The Honorable Jill Sommers commented on today’s news, “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.”

Ms. Sommers is currently 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! DC. Previously, Ms. Sommers was nominated by both President George W. Bush and President Barack Obama, confirmed twice by the United States Senate, and served two consecutive terms as a Commissioner of the Commodity Futures Trading Commission. She ended her six years of service on July 8, 2013.

In addition to her time as the CFTC Commissioner, Ms. Sommers worked in a variety of capacities within the derivatives industry throughout her career, including 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 concluded, “I’m thrilled to be working alongside Ms. Sommers as we continue our 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.”

Source: FTX US