Former CFTC Commissioner Mark Wetjen has joined popular cryptocurrency derivative exchange FTX US as the head of the firm’s Policy and Regulatory Strategy department, per an announcement today.
“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,” Brett Harrison, President of FTX US, said.
The cryptocurrency exchange noted that Wetjen’s more than 20 years of experience in law, regulatory strategy, exchange operations, and policy making will be pertinent in helping the company become the first regulated crypto derivative firm in the United States.
According to the announcement, Wetjen’s new job portfolio entails leading communication on behalf of FTX US with various regulatory bodies in the United States, including the SEC and CFTC.
The former CFTC boss will also offer regulatory advice to the company in terms of compliance standards and reporting operations, FTX US added.
“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.
Prior to his new appointment at FTX US, Wetjen had served in the CFTC as commissioner and acting chairman of the commission.
The policy making veteran has also held positions in digital asset-related companies such as MIAX Futures and LedgerX, where he played the role of CEO and a board member, respectively.
Wetjen’s new job in FTX US will not come as a shock to many because the appointment of experienced regulatory personnel in cryptocurrency companies seems to be the latest trend.
Cryptocurrency companies are boosting their compliance departments as they continue to come under increased scrutiny from global regulators.
According to a report published by Hamlyn Williams, a global recruiter in September, crypto firms have sourced more than 18 compliance officers since the beginning of the year.
These establishments are looking for professionals with the necessary regulatory exposure to help them simplify complex regulatory requirements in order to avoid getting into the bad book of authorities.