Bitcoin giant FTX US hires regulatory heavyweight


From regulator to regulated – The American subsidiary of FTX specialized in derivatives welcomes in its board of directors, a heavy weight of the regulation in its sector, but not only!

Inside the News: Who is Jill Sommers?

She is currently senior advisor – senior adviser – within Patomak Global Partnersa major consulting firm in the financial sector, bringing together experts who support client companies on complex issues in terms of strategy and risk management.

Jill Sommers is also a board member of theEthics and Compliance Initiativewhose mission is to promote ethical standards and practices, both in public and private institutions.

She also sits on the board of Everybody Wins DC, an organization that helps children thrive through books and reading.

But the experiments of Jill Sommers that will probably interest the cryptosphere the most, are related to his two consecutive terms as Commissioner of the Futures Commission (CFTC) in the United States, following his nomination by the Republicans under the presidency of George W. Bush and Barack Obama. She left this function, after six years of service, on July 8, 2013.

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FTX US Derivatives better protected from regulatory abuses

According to a press release dated 1er last September, Jill Sommers joined the board of directors of FTX US Derivatives, the American branch of FTX specialized in derivatives which was launched in 2017, and which offers options and exchange contracts related to cryptocurrencies, individual and institutional investors.

FTX US Derivatives notably offers mini-contracts on Bitcoin (BTC) and Ether (ETH), which are therefore accessible to a greater number of investors, unlike classic BTC or ETH futures contracts, the size of which excludes indeed the small wallets.

Jill Sommers will thus bring to FTX US Derivatives her expertise on the regulation of derivatives in the United States, going so far as to affirm that the company was leading “the charge for become the most regulated digital asset exchange in the world “.

FTX US Derivatives thus offers the expertise of Jill Sommers to ensure that the company works in the nails. This arrival of the former CFTC commissioner comes at a time when American regulation of cryptocurrencies could soon take another step, with the production by various regulators of reports intended for the White House on the supervision of the sector.

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