FOR IMMEDIATE RELEASE
September 1, 2022
Contact: Timi Iwayemi, iwayemi@therevolvingdoorproject.org
WASHINGTON, D.C. – In response to former Commodity Futures Trading Commission (CFTC) commissioner Jill Sommers appointment to crypto exchange platform FTX US Derivatives’ board, Revolving Door Project Senior Researcher Timi Iwayemi released the following statement:
“This move further illustrates FTX CEO Sam Bankman-Fried apparently insatiable desire to accumulate a cadre of revolving door pawns to influence crypto legislations and policy in Washington, DC.”
“Sommers joins fellow CFTC alumni Mark Wetjen and Ryne Miller among FTX’s ranks just in time to support Bankman-Fried’s pleas to Congress and regulators to sideline the Securities and Exchange Commission (SEC) and make the CFTC the crypto industry’s primary regulator.”
“It would be incredibly dangerous to allow the crypto industry to choose a preferred non-regulator in order to avoid proper and essential oversight. An overwhelming majority of crypto assets are securities and should be subject to SEC’s longstanding rules and regulations, which prioritize investor protection.”
“Bankman-Fried’s focus on cementing his hold on the CFTC suggests he may believe that his lobbying and SuperPAC interventions have bought enough support on Capitol Hill to make this legislative switch in jurisdiction a fait accompli.”
“Government officials in Congress and at independent agencies like the CFTC should focus on protecting consumers and ignore any entreaties from their former colleagues who now represent the industry’s interests.”
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