LedgerX Appoints Former CFTC Commissioner Wetjen to Board

Sep 25 2015 | 7:31pm ET

Institutional bitcoin options company LedgerX has announced the appointment of former CFTC commissioner Mark Wetjen to the board of directors of its parent company Ledger Holdings.

LedgerX recently gained temporary registration as a swap execution facility (SEF) and is awaiting approval by the CFTC for registration as a derivatives clearing organization (DCO). If approved, LedgerX would become the first U.S. regulated derivatives exchange and clearing house for institutions to trade physically-settled options on bitcoin.

The news comes only days after the Depository Trust and Clearing Corporation, or DTCC, announced the hiring of Wetjen as a managing director. 

“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,“ Wetjen said in a statement. “LedgerX is taking an approach that I support and is building a team that I am proud to join.”

“Mark brings a unique combination of market acumen, regulatory expertise and discerning interest in the evolution of the bitcoin market,” stated Paul Chou, CEO of LedgerX.  “Mark has been an early advocate of bitcoin derivatives regulation and we are excited to have him on the board,” added Chou.   

Wetjen joins another former CFTC commissioner, James Newsome, on the company’s board. 

Pending the receipt of all necessary regulatory approvals, LedgerX would be the first U.S. based, U.S. banked, and U.S. federally regulated derivatives exchange and clearing house for bitcoin derivatives.  Exchange-traded contracts with physical settlement are designed to serve the hedging needs of institutions and spur participation from the financial sector, the company noted. 

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