FTX US hires ex-CFTC Commissioner Mark Wetjen for crypto compliance
“We believe it’s incumbent upon industry leaders in this space to maintain transparency and cooperation with lawmakers and regulators, and we look forward to Mark’s stewardship of our regulatory strategy and communications.”
FTX US, the US operation of the Bahamian-based cryptocurrency exchange platform with a reported ADV of $10 billion and over one million users, has appointed a former commissioner and acting chairman of the CFTC.
The high-profile digital asset exchange has hired Mark Wetjen as Head of Policy and Regulatory Strategy to lead the company’s public affairs efforts.
Mark Wetjen is an expert in law, policy making, regulatory strategy and exchange operations, having held the position of CEO at MIAX Futures, where he focused on crypto-derivative products and strategic initiatives.
The former CFTC Commissioner was also a member of the board of directors of LedgerX, the first licensed crypto-native derivatives exchange in the U.S. which was recently acquired by FTX US and rebranded as FTX US Derivatives.
Brett Harrison, President of FTX US, commented: “We’re extremely lucky to bring Mark on board at this pivotal moment for FTX US. We’ve created FTX US Derivatives with the intention of becoming the first US-regulated crypto exchange to provide crypto derivatives trading to our user base, and Mark’s experience and guidance will be instrumental in achieving this goal.
“We believe it’s incumbent upon industry leaders in this space to maintain transparency and cooperation with lawmakers and regulators, and we look forward to Mark’s stewardship of our regulatory strategy and communications.”
Mark Wetjen will be responsible for the Company’s communications with U.S. regulatory and legislative bodies, such as the CFTC, SEC, and various House and Senate Committees.
The legal expert will also advise FTX US on its compliance standards and reporting operations, serving on the board of directors of FTX US Derivatives, formerly known as LedgerX.
Mark Wetjen, Head of Policy and Regulatory Strategy at FTX US, said: “I am thrilled to join FTX US, which has a strong record of product innovation combined with a healthy respect for following the rules to ensure fair and orderly markets while also protecting the consumer. 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.”
FTX US wants to become the market leading US cryptocurrency exchange by volume over the next two years. The venue has recently reported its average daily volume grew by 150 times year over year.
The ADV varied between $150 million and $993 million during the first half of the year when the crypto prices rose to new highs amidst a lot of volatility and then crashed, thus presenting the traders’ lots of buying opportunities and account liquidations.
