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Former CFTC chair to head controversial futures exchange

By Lawrence Gash

Mark Wetjen joins MIAX – the company at the centre of bitcoin exchange row

A former acting chairman of the US Commodity Futures Trading Commission (CFTC) has been named chief executive officer of a company accused of trying to take over the Bitcoin (BTC) derivatives exchange LedgerX.

Mark Wetjen will lead Miami International Futures Exchange (MIAX) and become an executive vice president of its parent company, Miami International Holdings (MIH). Most recently, Wetjen was the head of global public policy and managing director of the Depository Trust & Clearing Corporation, an American central securities depository.

MIAX is a shareholder in the American Bitcoin derivatives exchange and clearing house LedgerX, of which Wetjen is a board member. Nicholas Owen Gunden, another board member, recently accused MIAX of surreptitiously trying to take over LedgerX through improper means.

Gunden outlined a number of private meetings between figures at the two firms, which he deemed inappropriate.

These allegations came in the wake of the suspension and removal of LedgerX’s co-founders by the company board in 2019 but are as yet unproven.

According to MIH: "Wetjen will play a pivotal role in projects relating to the futures business as the MIAX Exchange Group expands from electronic trading of options into cash equities, futures and innovative products, including digital securities and crypto assets and derivatives.”

The company’s chairman and CEO Thomas Gallagher added: "MIAX has a demonstrated commitment to offering disruptive investment products and providing the marketplace with choice and innovation."

FURTHER READING: Ex-Bakkt CEO to oversee key US financial regulator

FURTHER READING: Crypto derivatives: Everything you need to know

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