Stellar Becomes Newest Member of CFTC’s Committee

Stellar Development Foundation, a non-profit organisation, has announced its participation in a new advisory group of the United States Commodity Futures Trading Commission (CFTC).

SDF will be one of four crypto-focused groups on the Global Markets Advisory Committee (GMAC), one of the five active Advisory Committees overseen by the CFTC, according to the firm’s announcement. The company behind the Stellar blockchain will be joined by officials from traditional finance firms like as J.P. Morgan, Goldman Sachs, and BlackRock.

Because SDF represents the blockchain sector on the GMAC, the foundation anticipates a greater emphasis on Layer 1 protocols and remittances. As part of the committee, the organisation intends to highlight the role of stablecoins in digital asset markets and real-world use cases.

SDF stated in the statement that it is pleased to join the many traditional finance players on the CFTC‘s new committee. It also believes that GMAC will provide an opportunity for traditional finance and blockchain to explore opportunities for integration in order to preserve the integrity and competitiveness of US markets.

“After an active 2022, SDF’s involvement with government agencies is more vital than ever. Our participation in the CFTC’s GMAC is just another chance to push the industry toward widespread use. I am excited about the work ahead of us under Commissioner Pham’s direction, as well as the opportunity to represent blockchain technology and our business.”

Members include representatives from the Chamber of Digital Commerce, Uniswap Labs, and CoinFund, in addition to SDF.

The GMAC is charged with advising the CFTC on matters concerning “the integrity and competitiveness” of US markets as well as domestic enterprises doing global commerce. Regulatory problems in global marketplaces are also among the features of global marketplaces for which the committee must provide recommendations to the watchdog agency.

GMAC is also responsible for developing international rules for regulating futures, swaps, options, and derivatives markets, as well as intermediaries. Financial market infrastructures, market participants, end-users, service providers, and regulators are among its members.

Caroline Pham, commissioner of the CFTC, is the GMAC’s new sponsor. The first conference under her sponsorship will be devoted to organisational difficulties, it was recently reported.