FTX US Hired Ex-CFTC Commissioner As Head Of Policy And Regulation
Former CFTC Commissioner Mark Wetjen has joined the FTX US to lead its public affairs efforts as Head of Policy and Regulatory Strategy.
A top cryptocurrency exchange FTX US has hired a former U.S. Commodity Futures Trading Commision (CFTC) commissioner Mark Wetjen as its new head of policy and regulatory strategy, according to a press release on Tuesday 2 November. The move comes at a time when the crypto industry is facing heightened scrutiny from regulators in the U.S. and around the world.
“Mr. Wetjen brings with him more than twenty years of experience in the practice of law, policy making, regulatory strategy and exchange operations. He most recently held the position of CEO at MIAX Futures, where he focused on crypto-derivative products and strategic initiatives.
Mr. Wetjen also previously served as a commissioner and acting chairman of the U.S. Commodity Futures Trading Commision and was a member of the board of directors of LedgerX, the first licensed crypto-native derivatives exchange in the U.S. which was recently acquired by FTX US and rebranded as FTX US Derivatives.”
Wetjen will be responsible for FTX US’s communications with U.S. regulatory and legislative bodies, such as the CFTC, the Securities and Exchange Commission (SEC) and various House and Senate Committees. He will also be advising FTX US on its compliance standards and reporting operations.
Prior to joining FTX US, Wetjen served as a commissioner of the CFTC from 2011 to 2015, and was its acting chairman from January to June of 2014. Most recently, Wetjen was the CEO of crypto exchange MIAX Futures, a position he held since the beginning of 2020.
Wetjen also served as a member of the board of directors of LedgerX, a regulated futures exchange that was recently acquired by FTX US and rebranded as FTX US Derivatives. The deal means the exchange can move to offer crypto futures, swaps and options to U.S. retail traders.
Wetjen will continue to serve on the board of directors of FTX US derivatives, according to the company.
Wetjen said:
“I look forward to helping FTX US continue expanding its product offerings in that same manner, while also advancing the regulatory conversation of the crypto landscape on behalf of FTX US.”
Brett Harrison, President of FTX US, commented on the news:
“We’re extremely lucky to bring Mark on board at this pivotal moment for FTX US. We’ve created FTX US Derivatives with the intention of becoming the first US-regulated crypto exchange to provide crypto derivatives trading to our user base, and Mark’s experience and guidance will be instrumental in achieving this goal.
We believe it’s incumbent upon industry leaders in this space to maintain transparency and cooperation with lawmakers and regulators, and we look forward to Mark’s stewardship of our regulatory strategy and communications.”
