The company behind XRP competitor Stellar (XLM) will represent the digital asset market on the relaunched Global Market Advisory Committee of the Commodity Futures Trading Commission (CFTC) (GMAC).
The Stellar Development Foundation, according to a new corporate blog post, will be one of four crypto-related firms to join the group alongside officials from traditional banking.
“The inclusion of digital asset markets in the GMAC’s goals underlines the importance of blockchain and crypto to the future of U.S. markets.
The Stellar Development Foundation will be one of four crypto-focused groups to join representatives from traditional finance players such as J.P. Morgan, Goldman Sachs, and BlackRock, and the only one representing a blockchain.”
Stellar claims that as the sole firm representing blockchain on the group, they seek to offer the unique perspective of layer-1 protocols to the table.
The company also states that it does not intend to replace traditional finance, but rather to collaborate with it and grow on top of it.
“At SDF, blockchain’s goal is not to substitute traditional finance but to develop on top of and interact with the system we’ve already constructed. This vision necessitates collaboration between blockchain and traditional finance, as well as ensuring that the systems are as interoperable as feasible.
This organisation will provide an ideal chance for traditional finance and blockchain to identify current and future opportunities for integration in order to guarantee the integrity and competitiveness of US markets.”
At the time of writing, XLM is trading for $0.92, representing an 8% rise in the last 24 hours.