FTX US hires Gensler-era CFTC commissioner to spearhead lobbying
November 2, 2021, 12:13PM EDT
1 min read
On November 2, the U.S. branch of global crypto exchange FTX announced the hiring of Mark Wetjen to run the company's policy outreach and lobbying strategy.
Per FTX.US's announcement: "Mr. Wetjen will lead the Company's communications with U.S. regulatory and legislative bodies, such as the CFTC, SEC and various House and Senate Committees."
In addition to extensive market credentials, Wetjen's highest-profile role was as a commissioner on the Commodity Futures Trading Commission during the latter years of Obama's presidency. In that capacity, Wetjen served alongside fellow Obama appointee Gary Gensler, who at the time was chairing the CFTC.
The two were at the front lines of implementing the regulatory overhaul demanded by the Dodd-Frank Act. Following Gensler's departure, Wetjen briefly took up the reins as acting chairman. He would subsequently serve as CEO of Miax Futures and on the board of LedgerX, which FTX.US acquired following an extensive courtship of the CFTC.
Gensler is now the chairman of the Securities and Exchange Commission. His approach to crypto, especially centralized exchanges like FTX.US, is a focal point of the industry's attention in Washington, DC.
Representatives for FTX.US did not respond to a request for comment as of publication time.
In this example historical case study, Bitcoin mining with Blockware Solutions was a potential way to accelerate the returns of investing in Bitcoin in 2021. All data in this case study was sourced publicly from The Hash Rate Index (historical rig prices) and Glassnode (Bitcoin price and network difficulty).