FTX CRYPTOCURRENCY EXCHANGE U.S. HIRES NEW GENERAL COUNSEL

FTX, a Bahamas-based cryptocurrency exchange founded by Sam Bankman-Fried, hit a $32 billion valuation. The valuation is even more eye-popping because Bankman-Fried started the company less than three years ago.

Amid the cryptocurrency exchange’s rapid growth and the evolving regulatory landscape, it has expanded its legal team. FTX.US, a separate exchange that allows U.S. residents to trade, has hired a former top law firm partner as its general counsel.

New General Counsel Has Private and Public Sector Experience

Ryne Miller was a partner at Sullivan & Cromwell. While at Sullivan & Cromwell, Mr. Miller co-chaired the firm’s commodities, futures, and derivatives practice. He will join FTX.US at a time when U.S. regulators are close to drafting new rules for cryptocurrencies.

Brett Harrison, the President of FTX.US, highlighted the importance of a robust internal legal team. “As lawmakers and regulators continue to develop a U.S. regulatory framework for digital assets, we expect crypto to play a much larger role in the broader financial landscape in 2022 and beyond,” Mr. Harrison stated. “We’re excited to continue working cooperatively with them, and feel confident that FTX.US will emerge as the leading U.S.-regulated crypto spot and derivatives exchange.”

In addition to private sector experience at a large New York law firm, Mr. Miller was a lawyer at the Commodity Futures Trading Commission (CFTC). He served as lead counsel for Gary Gensler, who was chair of the CFTC at that time. Gary Gensler is currently the head of the Securities and Exchange Commission (SEC), the main regulatory body responsible for enforcing securities laws in the United States.

Mr. Miller’s experience in both the private and public sectors with legal issues that impact digital asset markets will undoubtedly be helpful. “His industry expertise and leadership will be critical as we forge cooperative working relationships with U.S. regulators amid the expansion of our businesses,” Mr. Harrison commented. “We share with them the desire to establish digital assets as a safe and reliable investment vehicle, and with Ryne we are confident we will serve as a helpful resource in achieving this goal.”

Source.