FTX US Hires Mark Wetjen as the New Head of Policy and Regulatory Strategy

FTX US announced that it has hired Mark Wetjen as its new Head of Policy and Regulatory Strategy.

Finance Magnates recently learned from a press release that Mark Wetjen, the former CFTC Commissioner, has been recruited by FTX US, a leading US-regulated cryptocurrency exchange, as Head of Policy and Regulatory Strategy.

Wetjen brings extensive experience in the practice of law, policymaking, regulatory strategy and exchange operations. In the role, he will focus on leading its public affairs division and Company’s communications with U.S. regulatory and legislative bodies, such as the CFTC, SEC and various House and Senate Committees. He will advise on compliance standards and reporting operations. Moreover, he will continue to serve on the board of directors of FTX US Derivatives as he has done for the last six years.

Wetjen’s Vocational Record

Concurrently, Wetjen serves BlockTower Capital, Coin Center and Chamber of Digital Commerce as an Advisor Board Member for each company, according to his LinkedIn profile.

Prior to his existing roles, he held the apex position as CEO of MIAX Futures. He concentrated on developing crypto-derivative products and strategic initiatives.

Before that in September 2015, Wetjen joined the ranks of The Depository Trust & Clearing Corporation (DTCC) as its Managing Director, Head of Global Public Policy, DTCC and Chairman of the Board, DTCC Deriv/SERV LLC. For more than four years, he successfully fulfilled the requirements of the role.

Moreover, at the US Commodity Futures Trading Commission, he became the Commissioner in October 2011. Over four years, he helped shape dozens of rulemakings and commission orders establishing registration, reporting, clearing and trade Execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term requirements for the Swaps Swaps Swaps can be defined as a derivate contact composed of two parties that exchange to cash flow between two separate financial instruments.They are generally divided into two categories. This includes contingent claims (options) and forward claims, where forward contracts, swaps, and exchange-traded funds (ETFs) are exchanged. Commodity price, equity price, interest rate, and foreign exchange rate are common variables used as one of the cash flows in swaps upon initiation. Different Types of Swaps Swaps can be defined as a derivate contact composed of two parties that exchange to cash flow between two separate financial instruments.They are generally divided into two categories. This includes contingent claims (options) and forward claims, where forward contracts, swaps, and exchange-traded funds (ETFs) are exchanged. Commodity price, equity price, interest rate, and foreign exchange rate are common variables used as one of the cash flows in swaps upon initiation. Different Types of Swaps Read this Term marketplace as well as other duties. Also, he took on the additional responsibility of acting Chairman for around six months.

In October 2004, the former CFTC Commissioner advised the US Senate Democratic Leader Harry Reid as his Counsel and Senior Policy Advisor. Over the course of seven years, he advised on financial services, housing, technology and communications policy issues and related procedural matters.

Wetjen’s began his career as an Attorney in September 1999 and spent just over five years before moving on.

A Pivotal Moment for FTX US

Brett Harrison, President of FTX US, commented on this news: “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.”

“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,” Wetjen added.