Cryptocurrency exchange FTX US has tapped former U.S. Commodity Futures Trading Commission (CFTC) commissioner Mark Wetjen as its head of policy and regulatory strategy, the company announced Tuesday.
The move comes at a time when the crypto industry is facing heightened scrutiny from regulators in the U.S. and around the world.
Wetjen will be responsible for FTX US’s communications with U.S. regulatory and legislative bodies, such as the CFTC, the Securities and Exchange Commission (SEC) and various House and Senate Committees. He will also be advising FTX US on its compliance standards and reporting operations.Prior to joining FTX US, Wetjen served as a commissioner of the CFTC from 2011 to 2015, and was its acting chairman from January to June of 2014, according to his LinkedIn profile. Most recently, Wetjen was the CEO of crypto exchange MIAX Futures, a position he held since the beginning of 2020.Wetjen also served as a member of the board of directors of LedgerX, a regulated futures exchange that was recently acquired by FTX US and rebranded as FTX US Derivatives. The deal means the exchange can move to offer crypto futures, swaps and options to U.S. retail traders.Wetjen will continue to serve on the board of directors of FTX US derivatives, according to the company.“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.
Read more: The Revolving Door Is Good for Bitcoin