July 23, 2024
Chicago 12, Melborne City, USA
Latest News

Stellar Joins CFTC’s Global Markets Advisory Committee as one of four Crypto orgs

Stellar chief operating officer Jason Chlipala stated that the foundation would bring the committee the unique perspective of Layer 1 and showcase stablecoin use cases.

The Stellar Development Foundation (SDF) has been appointed to the United States Commodity Futures Trading Commission (CFTC) Global Markets Advisory Committee (GMAC), according to the blockchain’s blog. The committee is preparing to convene for the first time in nearly a year on February 13.

The Stellar blockchain, which is used for crypto-fiat transfers, is supported by SDF. Chief operating officer Jason Chlipala will represent the foundation on the committee. In the corporate blog, he stated that “we intend to offer the unique perspective of Layer 1 protocols” to the GMAC and that:

“As part of the Committee, SDF will highlight the role of stablecoins in the digital asset markets and real-world use cases, including leveraging stablecoins in the delivery of humanitarian aid.”

Stellar is the company that created the Stellar coin and the Stellar Relief Assist programme, which “allows aid organisations to send cash support to disadvantaged communities.” It joins CoinFund, Uniswap Labs, and the Chamber of Digital Commerce as crypto-focused GMAC members. The 36-member council also includes representatives from traditional finance titans such as HSBC, Goldman Sachs, and BlackRock.

Caroline Pham, commissioner of the CFTC, is the GMAC’s new sponsor. The first meeting under her sponsorship will focus on organisational concerns. “Potential global market structure and digital asset markets subjects for the GMAC to prioritise in making policy recommendations to the CFTC” will also be discussed.

Pham revealed in an interview on January 17 that since being appointed to the CFTC by US President Joe Biden in January 2022, she had held over 75 talks with various stakeholders on global crypto regulatory standards. In September, she advocated the establishment of a CFTC Office of the Retail Advocate, similar to the SEC’s Office of the Investor Advocate.