LedgerX, an institutional trading and clearing platform that is awaiting regulatory approval from the U.S. Commodity Futures Trading Commission (CFTC) to trade and clear options on Bitcoin, has received a shot in arm when Mark Wetjen, former CFTC commissioner joined as a member of the board of directors.
The company applied for registration with the CFTC as a swap execution facility (SEF) and derivatives clearing organization (DCO) on September 29, 2014 and trying to be in the good books of the regulator. Nonetheless, it is trying to get registered and regulated by the federal organization and for that not leaving any stone unturned.
The Appointment will further enrich the Human Resource
If it gets the tag of federally regulated Bitcoin options exchange and clearing house, it will be the first to list and clear fully-collateralized, physically-settled Bitcoin options for the institutional market. Nonetheless, the appointment of Mark Wetjen to the Board of Directors of Ledger Holdings Inc. is expected to boost the confidence as well.
Mark Wetjen is joining the parent company of LedgerX LLC. Talking about the appointment he said that he is 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. He showed his happiness about the entire development taken place.
He was also quoted saying that LedgerX is taking an approach that he supports and is building a team that he is proud to join. According to him he is honored to be associated with such a credible and experienced set of professionals. Similar views were shared by Paul L. Chou, CEO of LedgerX who showed his happiness about the decision to hire Mark Wetjen.
The appointment will boost the Confidence of the Firm
Nonetheless, in his views expressed in media Paul L. Chou admitted that Mark brings a unique combination of market acumen, regulatory expertise and discerning interest in the evolution of the Bitcoin market. He was quoted saying that Mark has been an early advocate of Bitcoin derivatives regulation and the company is excited to have him on the board.
Complying with the regulations, LedgerX intends to offer exchange-traded, centrally-cleared, Bitcoin option contracts to financially-sophisticated market participants such as corporations, financial institutions, trading firms and family offices. Interestingly, the LedgerX management team comprises Goldman Sachs, MIT and CFTC alumni.
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