Former CFTC Commissioner Joins FTX
Posted by Colin Lambert. Last updated: November 3, 2021
Another week, another former regulator taking up a role in the burgeoning crypto industry, with news that former Commodity Futures Trading Commission (CFTC) commissioner Mark Wetjen, has joined cryptocurrency exchange FTX.
He has been appointed to lead FTX’s public affairs efforts as head of policy and regulatory strategy. He will lead the company’s communications with US regulatory and legislative bodies, such as the CFTC, SEC and various House and Senate Committees. Additionally, he will be advising the company on its compliance standards and reporting operations. He will also continue to serve on the board of directors of FTX US Derivatives.
Most recently Wetjen held the position of CEO at Miax Futures, a role he held for just under two years and which focused on crypto-derivative products and strategic initiatives. He served as a commissioner and acting chairman of the CFTC from 2011 to 2015, and was a member of the board of directors of LedgerX, the first licensed crypto-native derivatives exchange in the US which was recently acquired by FTX US and rebranded as FTX US Derivatives.
“We’re extremely lucky to bring Mark on board at this pivotal moment for FTX US,” says Brett Harrison, president of 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.”
Wetjen adds, “FTX US has a strong record of product innovation combined with a healthy respect for following the rules to ensure fair and orderly markets while also protecting the consumer. 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.”