LedgerX, an institutional trading and clearing platform for bitcoin options, recently appointed Mark Wetjen to their Board of Directors.
Until recently, Wetjen was serving as commissioner on the U.S. Commodity Futures Trading Commision (CTFC), including a stint as acting chairman.
Wetjen’s appointment is advantageous as the company currently holds a temporary license as a Swap Execution Facility and awaiting approval of their Derivatives Clearing Organisation license.
If their application is successful, LedgerX could claim to be the ‘First U.S. based, U.S. banked and U.S. federally regulated exchange and clearing house for bitcoin derivatives.’ The move would renew prospects for bitcoin derivative options in the U.S. market after CTFC on 17th September shut down a bitcoin derivatives exchange for operating without a license.
Wetjen’s involvement with the CTFC, particularly in regards to rulemaking, will no doubt lend considerable weight to LedgerX’s outstanding application – entered exactly one year ago today. His expertise and knowledge of CTFC’s inner workings may be the very thing that tips the scales in LedgerX’s favor.
Upon approval, LedgerX hopes to target institutions for its platform and provide customers with exchange-traded and centrally-cleared bitcoin options contracts.