LedgerX, an institutional platform for trading and clearing Bitcoin options, has appointed veteran Mark Wetjen to its Board of Directors of Ledger Holdings Inc., the parent company of LedgerX LLC, according to a recent LedgerX statement.
According to Mr. Wetjen in a recent statement on the appointment, “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. LedgerX is taking an approach that I support and is building a team that I am proud to join. I am honored to be associated with such a credible and experienced set of professionals.”
“Mark brings a unique combination of market acumen, regulatory expertise and discerning interest in the evolution of the Bitcoin market. Mark has been an early advocate of Bitcoin derivatives regulation and we are excited to have him on the board,” added Paul L. Chou, CEO of LedgerX, in an accompanying statement.
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LedgerX recently received registration as a Swap Execution Facility (SEF) and is awaiting approval by the US’ Commodity Futures Trading Commission (CFTC) for registration as a Derivatives Clearing Organization (DCO). Pending approval, LedgerX would effectively become the first US-regulated derivatives exchange and clearing house for trading physically settled options on Bitcoin.
Earlier this week, the Depository Trust & Clearing Corp (DTCC) added Mr. Wetjen as its newest Managing Director, placing him in a strategic position to help drive global policy moving forward at the group. Mr. Wetjen landed at the DTCC just one month after leaving the CFTC, in which he served as its Commissioner and Chairman for a period of time.
The series of moves were originally propagated by Mr. Wetjen’s departure from the CFTC, when he formally relinquished his position as Chairman on August 28, 2015. The decision snapped a nearly four-year stint at one of the USA’s chief regulating authorities – he had been the acting Chairman of the commission since January 2014.