Cody McGrath 
Former Commodities and Futures Trading Commissions (CFTC) commissioner Jill Sommers is the latest addition to the crypto exchange FTX subsidiary’s board of directors.
The board of directors for FTX US Derivatives now includes Jill Sommers, a former commissioner at the US Commodity Futures Trading Commission.
The derivatives division of cryptocurrency exchange FTX US announced Sommers’ appointment to the board on Thursday, seemingly stepping up the company’s regulatory efforts.
The Chicago Mercantile Exchange’s managing director of regulatory affairs, Sommers served as a CFTC commissioner from 2007 to 2013 under former Presidents Barack Obama and George W. Bush. He was also a commissioner for the Federal Reserve Board.
The goal of FTX US Derivatives, according to Sommers, was to establish itself as “the most regulated digital asset exchange in the world.” She stated that the board would collaborate closely with regulators and suggested talks with the CFTC and other members of the US government.
As we navigate through the developing digital asset ecosystem and its integration into the larger financial market structure, adding Jill’s wealth of experience in the derivatives landscape is a great resource for our board, according to FTX US Derivatives CEO Zach Dexter.
After Mark Wetjen, a former CFTC commissioner, joined FTX US as the company’s head of policy and regulatory strategy in November 2021, Sommers was appointed to the board.
Wetjen, who was a commissioner from 2011 to 2015 and the acting chair in 2014, has in the past backed legislative initiatives by the cryptocurrency exchange related to extending the CFTC’s jurisdiction. The clearinghouse license of FTX US has been proposed to be changed to allow margined crypto-based products without middlemen.
Several pieces of legislation proposed by members of Congress seek to clarify the regulatory framework for crypto offerings, whether by placing them within the CFTC’s or the Securities and Exchange Commission’s jurisdiction.
Four U.S. lawmakers introduced the Digital Commodities Consumer Protection Act on August 3; the legislation sought to increase the CFTC’s authority by requiring cryptocurrency firms to follow many of the same regulations as financial institutions that deal in commodities, including registering with the regulator and disclosing certain information about their trading practices and risks.