LedgerX Board Member and Former CFTC Chair Named CEO of Miami Futures Change

A board member of LedgerX’s holding firm has been named CEO of a agency accused of attempting to take over the bitcoin derivatives change.

Mark Wetjen, a former performing chairman of the Commodity Futures Buying and selling Fee (CFTC), is the brand new CEO of Miami Worldwide Futures Change (MIAX) and an government vice chairman of its mother or father agency, Miami Worldwide Holdings (MIH).

In line with a press launch Monday, Wetjen in his EVP position will work on futures and modern merchandise – together with crypto derivatives – and act as a regulatory liaison for MIH.

“Wetjen will play a pivotal position in tasks referring to the futures enterprise because the MIAX Change Group expands from digital buying and selling of choices into money equities, futures and modern merchandise, together with digital securities and crypto belongings and derivatives,” the press launch stated.

MIAX is a shareholder in LedgerX, and was not too long ago accused of potentially trying to take over the bitcoin derivatives change by a member of its board of administrators. Nicholas Owen Gunden, who can also be an investor who used LedgerX’s platform, wrote in a letter this month that MIAX had been invited to take part in non-public conferences with members of the mother or father firm’s board (LedgerX is break up into Ledger Holdings Inc. and LedgerX LLC., every with its personal board).

Gunden additionally alleged {that a} Holdings board member might have accepted funds to assist MIAX take part in an insider funding spherical.

His letter adopted the LedgerX board’s suspension and subsequent removing of co-founders Paul and Juthica Chou final 12 months. The corporate named co-founder and former chief expertise officer Zach Dexter as the brand new CEO in mid-January.

Wetjen was most not too long ago the managing director and head of world public coverage for the Depository Belief & Clearing Company, the U.S. central securities depository (CSD).

MIH Chairman and CEO Thomas Gallagher stated in a press release that Wetjen’s “in depth background” will profit the corporate because it builds futures merchandise within the U.S.

“MIAX has a demonstrated dedication to providing disruptive funding merchandise and offering {the marketplace} with selection and innovation,” Wetjen stated in a press release.