Cryptocurrency exchange FTX US has hired former U.S. Commodity Futures Trading Commission (CFTC) commissioner Mark Wetjen to be its Head of Policy & Regulation. The company announced the news on Tuesday.
This hire from FTX US comes at a time when the cryptocurrency industry is facing increased regulatory scrutiny both in the U.S. and other countries around the world.
According to FTX, Wetjen will be responsible for the company’s communications with U.S. regulatory and legislative institutions, such as the CFTC and SEC. He will advise FTX US on its regulatory compliance.
Wetjen served as CFTC commissioner from 2011 to 2015, and was its acting chairman from January to June of 2014, according to his LinkedIn profile.
This is not his first work in the crypto industry. Wetjen was the CEO of crypto exchange MIAX Futures, a position he held from January 2020. Wetjen also served as a board member of LedgerX. It was a regulated futures exchange, but was recently acquired by FTX US and was quickly rebranded as FTX US Derivatives.
“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 after FTX US announced the news.
A lot of people have voiced their concerns in Social Media regarding potential conflicts regarding this hire. There is an increased trend of financial regulators jumping to the private sector and working for companies they oversaw as regulators.