LedgerX, which is seeking to become the first federally regulated derivatives exchange and clearing house for Bitcoin derivatives in the U.S., announced that it has added Mark Wetjen, a former commissioner with U.S. Commodity Futures Trading Commission (CFTC), to the board of its parent company, Ledger Holdings Inc.
Wetjen served at the CFTC from 2011 until this past August, including a stint as acting chairman. LedgerX’s board already includes another former CFTC chairman, Jim Newsome.
“I am excited to participate in the evolution of the Bitcoin asset class with a firm that is building institutional-grade trading and clearing capabilities under a regulatory framework,” says Wetjen in a statement. “LedgerX is taking an approach that I support and is building a team that I am proud to join.”
“Mark has been an early advocate of Bitcoin derivatives regulation and we are excited to have him on the board,” says Paul Chou, CEO of LedgerX, in a statement.
LedgerX has built a platform for trading and clearing options on Bitcoin by institutional market players such as corporations, financial services institutions, trading firms and family offices.
Earlier this year, the CFTC granted LedgerX temporary registration as a swap execution facility (SEF), but it is still waiting for approval for registration as a derivatives clearing organization.