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Sam Bankman-Fried's exchange empire, FTX US, has announced the hiring of the ex-commissioner of the U.S. Commodity futures trading Commission (CFTC) Mark Wetjen, as its head of policy and regulatory strategy.

Wetjen was most recently the CEO of crypto exchange MIAXFutures, a post he has held since the start of 2020. Wetjen will be in charge of FTX US's relations with regulatory and legislative organizations in theUnited States, including the Commodity Futures Trading Commission (CFTC), theSecurities and Exchange Commission (SEC), and different House and SenateCommittees. 

“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,” Wetjen said in a statement.

Wetjen also served on the board of directors of LedgerX, a regulated futures exchange that was recently purchased by FTX US and renamed FTX US Derivatives. As a result of the deal, the exchange will be permitted to provide retail traders in the United States, the crypto futures, swaps, and options. Wetjen will stay on the board of directors of FTX US Derivatives, according to the company.

In an August CNBC interview, Bankman-Fried stated that they're looking for licenses in a number of jurisdictions. "That is something we must keep an eye on. We must continue to adjust," he stated.

With its derivative offerings, the firm's parent exchange has become Binance's primary rival. Binance, the largest crypto exchange, has hired a number of former regulators. Senate Finance Committee Chair Max Baucus and California's Chief Financial Regulator Manuel Alvarez were among Binance'snew appointments, in response to regulatory crackdowns on the exchange around the world.

Pavan A

CBW - External Analyst

INDIA