Ex CFTC Commissioner Joins FTX US Derivatives Board

Ashish Kumar
September 2, 2022
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CFTC Acting Chair To Launch Public Roundtable On Crypto

Jill Sommers, former CFTC Commissioner on Thursday joined the FTX US Derivatives’ Board of directors. This major development has landed amid the ongoing crypto market downturn.

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FTX gets Ex CFTC commissioner on board

As per the announcement, Ex CFTC Commissioner said that she is honored to join the FTX US Derivatives Board. She will enhance their mission of reshaping the market structure in the country. The company has been working to bridge the gap between digital and traditional assets while providing transparency, she added.

Jill Sommers mentioned that they will be leading the charge towards becoming the most regulated crypto exchange in the world. However, the former CFTC Commissioner said that they will be working closely with the US regulator to set up the FTX as the leading crypto derivatives trading platform.

The release mentioned that Ex CFTC commissioner was nominated by U.S Presidents George W. Bush and Barack Obama. Sommers went on to serve two consecutive terms as CFTC commissioner. During her tenure, she worked in the derivatives industry which includes being Policy Director of ISDA.

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FTX’s bailouts didn’t work out?

However, Sam Bankman-Fried, FTX chief in a recent interview hinted at the results of his bailout efforts amid the crypto collapse. He mentioned that they recorded mixed outcomes of the deals. SBF went on to engineer around $1 billion worth of deals to help the grappling companies when Bitcoin prices dropped sharply.

SBF said that not all of the bailouts had a happy ending. He expected that some deals would turn out to be profitable. However, he had to take some snap judgment calls amid the market collapse.

He highlighted the deal with troubled digital asset lender Voyager. SBF said that it turned out to be one of the bad deals. Alameda Research, offered around a $485 million loan to the lender. However, Voyager went on to file bankruptcy in July.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.