Jill Sommers, former CFTC Commissioner on Thursday joined the FTX US Derivatives’ Board of directors. This major development has landed amid the ongoing crypto market downturn.
FTX gets Ex CFTC commissioner on board
As per the announcement, Ex CFTC Commissioner said that she is honored to join the FTX US Derivatives Board. She will enhance their mission of reshaping the market structure in the country. The company has been working to bridge the gap between digital and traditional assets while providing transparency, she added.
Jill Sommers mentioned that they will be leading the charge towards becoming the most regulated crypto exchange in the world. However, the former CFTC Commissioner said that they will be working closely with the US regulator to set up the FTX as the leading crypto derivatives trading platform.
The release mentioned that Ex CFTC commissioner was nominated by U.S Presidents George W. Bush and Barack Obama. Sommers went on to serve two consecutive terms as CFTC commissioner. During her tenure, she worked in the derivatives industry which includes being Policy Director of ISDA.
FTX’s bailouts didn’t work out?
However, Sam Bankman-Fried, FTX chief in a recent interview hinted at the results of his bailout efforts amid the crypto collapse. He mentioned that they recorded mixed outcomes of the deals. SBF went on to engineer around $1 billion worth of deals to help the grappling companies when Bitcoin prices dropped sharply.
SBF said that not all of the bailouts had a happy ending. He expected that some deals would turn out to be profitable. However, he had to take some snap judgment calls amid the market collapse.
He highlighted the deal with troubled digital asset lender Voyager. SBF said that it turned out to be one of the bad deals. Alameda Research, offered around a $485 million loan to the lender. However, Voyager went on to file bankruptcy in July.