Mark P. Wetjen is an American lawyer. In 2011, he was nominated by Barack Obama to serve a five-year term as a Commissioner of the Commodity Futures Trading Commission (CFTC). He also served for five months as acting chairman of the CFTC upon the departure of his predecessor, Gary Gensler.[2]
Mark P. Wetjen | |
|---|---|
 Wetjen, c. 2014 | |
| Commissioner of the Commodity Futures Trading Commission | |
| In office October 25, 2011 – August 28, 2015 | |
| President | Barack Obama |
| Personal details | |
| Born | 1973 or 1974 (age 50–51)[1] |
| Education | |
He was the head of global policy at DTCC and CEO of MIAX Futures. He also was the head of policy and regulatory strategy at FTX US.[3][4] He was the top Washington adviser of Sam Bankman-Fried, the CEO of FTX, until FTX filed for bankruptcy and entered receivership.[5]
Early life and education
editWetjen grew up in Dubuque, Iowa. He received a bachelor’s degree from Creighton University and then a Juris Doctor degree from the University of Iowa College of Law.[2]
Career
editAfter law school, Wetjen worked as a lawyer in private practice.[2] He then worked for seven years in the United States Senate as a senior leadership staffer where he advised on financial services issues including the Consumer Protection Act of 2010 and the Dodd-Frank Wall Street Reform.[2] He worked for Harry Reid and other Democrats on “a number of banking, housing, communications, technology, and gaming policy issues and legislative initiatives.”[2][1]
Wetjen joined the CFTC in 2011.[6][7] In late 2013, he became the acting chairman of the CFTC after Gary Gensler left the position. Wetjen served in the position for about five months.[2] During his tenure as acting chair, he was credited with easing tensions with other international regulators and striking a deal with European regulators regarding the treatment of trading platforms.[8][9] Wetjen championed the prioritization of end investors when developing risk-management policy at the CFTC.[10] As sponsor of the Global Markets Advisory Committee, Wetjen convened the first public meeting by the CFTC in October 2014 to discuss the regulatory treatment of digital assets.[11]
On November 3, 2014, in an op-ed in The Wall Street Journal, Wetjen called for the establishment of a governmental regulatory structure for Bitcoin.[12] Wetjen resigned from the CFTC on August 28, 2015.[7]
Wetjen joined DTCC as the head of global public policy in the fall of 2015.[13] He was later appointed chairman of DTCC DerivServ in 2019.[14] While at DTCC Wetjen supported the adoption of enhanced risk-management standards for securities clearinghouses by the SEC and noted how they would promote international coordination.[15]
Wetjen joined the startup exchange operator Miami International Holdings (MIAX Exchange Group) as the CEO of MIAX Futures in January 2020.[16] Wetjen worked with MIAX to acquire the Minneapolis Grain Exchange.[17]
In November 2021, Wetjen became the head of policy and regulatory strategy at FTX US, a company distinct from FTX.com.[3][18] Wetjen was Sam Bankman-Fried’s top Washington advisor during his aggressive attempts to lobby the United States Congress to pass legislation on crypto currency favorable to FTX.[19] Wetjen's relationship with FTX ended when the company filed for Chapter 11 bankruptcy. His work with FTX has drawn scrutiny and criticism, given FTX's aggressive lobbying to be regulated by the CFTC, where Wetjen previously served.[20]
Personal life
editWetjen lives in the Capitol Hill neighborhood of Washington, D.C., with his wife and two sons.[2]
References
edit- ^ a b Gao, Shirley (August 3, 2011). "Can an auditor still be independent after 100 years on a corporate payroll?". Center for Public Integrity.
- ^ a b c d e f g "Commissioner Mark Wetjen | CFTC". www.cftc.gov.
- ^ a b US, FTX. "Former CFTC Commissioner Mark Wetjen Joins FTX US as Head of Policy and Regulatory Strategy". www.prnewswire.com.
- ^ Melinek, Jacquelyn (July 4, 2022). "FTX policy exec says its 'priorities have not changed' amid market madness".
- ^ "Sam Bankman-Fried charmed Washington. Then his crypto empire imploded". Washington Post. ISSN 0190-8286. Retrieved February 17, 2023.
- ^ "Wetjen confirmed as CFTC commissioner". www.ft.com.
- ^ a b Tracy, Ryan. "Democrat Mark Wetjen Stepping Down as CFTC Commissioner". WSJ.
- ^ "CFTC leadership change eases strains". www.ft.com.
- ^ "Regulators reach deal on over-the-counter derivatives rules". www.ft.com.
- ^ "US should consider tougher clearing rules". Financial Times. December 4, 2014.
- ^ "Global Markets Advisory Committee | CFTC". www.cftc.gov.
- ^ Ackerman, Andrew. "CFTC's Mark Wetjen Says Regulators Should Act to Help Bitcoin Fulfill Potential". WSJ.
- ^ "Former CFTC Commissioner Wetjen Joins the DTCC | FTF News - Part 8553". www.ftfnews.com.
- ^ "DTCC's Wetjen Appointed Chairman of DTCC Deriv/SERV Board of Directors | DTCC". www.dtcc.com.
- ^ "New SEC standards may level playing field for European banks". Financial Times. September 28, 2016.
- ^ Miami International Holdings Inc. "MIAX Welcomes Industry Veteran Mark Wetjen to Lead Expansion of Futures and Digital Securities Products". www.prnewswire.com.
- ^ Miami International Holdings Inc. "Miami International Holdings Completes Acquisition of Minneapolis Grain Exchange". www.prnewswire.com.
- ^ Schwartz, Brian (November 14, 2022). "Washington lobbyists sever ties with FTX founder Sam Bankman-Fried after crypto exchange implodes". CNBC.
- ^ Newmyer, Tory (November 12, 2022). "Sam Bankman-Fried charmed Washington. Then his crypto empire imploded". The Washington Post. Archived from the original on December 23, 2022. Retrieved January 31, 2023.
- ^ "Emails reveal Sam Bankman-Fried's courtship of federal regulators". Los Angeles Times. December 26, 2022. Retrieved January 19, 2023.