FTX gets Ex CFTC commissioner on board
As per the announcement, the former CFTC Commissioner expressed her gratitude for being appointed to the FTX US Derivatives Board. She will contribute to their aim of altering the country's market structure. She went on to say that the organization has been working hard to bridge the gap between digital and conventional assets while maintaining transparency.
Jill Sommers stated that they will be leading the charge to become the world's most regulated cryptocurrency exchange. However, the former CFTC Commissioner stated that they will be working closely with the US regulator to establish the FTX as the leading crypto derivatives trading platform.
The release mentioned that the former CFTC commissioner was nominated by US Presidents George W. Bush and Barack Obama. Sommers went on to serve as CFTC commissioner for two consecutive terms. During her tenure, she worked in the derivatives business, including serving as ISDA's Policy Director.
FTX’s bailouts didn’t work out?
However, FTX CEO Sam Bankman-Fried hinted at the results of his bailout efforts during the crypto meltdown in a recent interview. He stated that they had mixed results from the deals. When Bitcoin prices plummeted dramatically, SBF went on to engineer transactions worth around $1 billion to assist the struggling companies.
According to SBF, not all bailouts ended happily. He anticipated that certain deals would be profitable. However, due to the market's collapse, he was forced to make some quick decisions.
Read also: Michael Saylor's tax fraud divides the cryptocurrency community.