Between the regulator and the regulated The FTX subsidiary in America that specializes in derivatives has a lot of restrictions in its industry, but not only that!
WHO IS JILL SOMMERS, AS OF THIS MOMENT IN THE NEWS?
She presently works as a senior adviser at Patomak Global Partners, a significant financial consulting business that brings together professionals to help client firms with difficult strategic and risk management concerns.
In addition, Jill Sommers serves on the board of the Ethics and Compliance Initiative, whose goal is to advance moral principles and behavior in both public and commercial organizations.
She also serves on the board of Everybody Wins DC, a group that promotes reading and literature for young people.
However, Jill Sommers’ experiences that are most likely to be of interest to the crypto community are her two periods as a commissioner of the US Futures Trading Commission (CFTC), which she held after being nominated by Republicans during the administrations of George W. Bush and Barack Obama. On July 8, 2013, she resigned from this position after six years of employment.
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BETTER PROTECTION FOR FTX US DERIVATIVES FROM REGULATORY DERIVATIVES
Jill Sommers has joined the board of directors of FTX US Derivatives, the US derivatives division of FTX that was established in 2017 and provides options and swaps connected to cryptocurrencies, retail and institutional clients, according to a release from September 1.
The fact that FTX US Derivatives offers mini-contracts on Bitcoin (BTC) and Ether (ETH) makes them more accessible to investors than traditional BTC or ETH futures contracts, whose size does actually exclude tiny wallets.
Jill Sommers would contribute her knowledge of derivatives regulation in the US to FTX US Derivatives, and she even said that the business was leading “the drive to become the most regulated digital asset exchange in the world.”
To guarantee that the business is successful, FTX US Derivatives thus offers Jill Sommers’ knowledge. The former CFTC commissioner’s presence coincides with studies being produced by several authorities for the White House on the oversight of the industry, suggesting that American regulation of cryptocurrencies may soon advance.
