CFTC Commissioner Jill Sommers joins FTX US Derivatives Board
- Jill Sommers, a former CFTC commissioner, joins the Company’s Board of Directors.
- FTX US Derivatives was the first to offer bitcoin mini-contracts in the U.S.
- The Company is regulated by the Commodity Futures Trading Commission (CFTC).
FTX US Derivatives (“the Company”), a digital asset futures and options exchange and clearinghouse regulated by the Commodity Futures Trading Commission (CFTC), announced today that Jill Sommers, a former CFTC commissioner, has joined the Company’s Board of Directors.
Since its launch in 2017, when it was still called LedgerX, FTX US Derivatives has made options and swaps contracts related to cryptocurrencies available to investors around the clock. The Company was the first to offer bitcoin mini-contracts in the U.S. Its services include physical settlement of all contracts, block trading and algorithmic trading for institutional investors, and direct access for all traders.
The Respectable Jill Sommers said this about today’s news: “I am honoured to be joining the FTX US Derivatives Board of Directors to further 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 to become the most regulated digital asset exchange in the world. I’m happy to join the board as we continue to work closely with regulators to make FTX US Derivatives the best place to trade regulated crypto derivatives.
Ms. Sommers is currently a Senior Advisor for Patomak Global Partners, a board member for the Ethics and Compliance Initiative, and a board member for Everybody Wins! DC. Ms. Sommers was nominated to be a Commissioner of the Commodity Futures Trading Commission by both President George W. Bush and President Barack Obama. She was confirmed twice by the United States Senate and served two terms in a row. On July 8, 2013, her six years of service were over.
Ms. Sommers worked in the derivatives industry in many different roles 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.
CEO of FTX US Derivatives Zach Dexter said, “I’m thrilled to be working with Ms. Sommers as we continue to provide our users with the best derivative services in the industry and work to improve the structure of the crypto derivatives trading market.” Adding Jill’s extensive knowledge of derivatives to our board is a huge help as we navigate the changing digital asset ecosystem and its integration into the larger financial market structure.