Stellar Becomes the CFTC’s Committee’s Newest Member
SDF is the only group on the committee to represent a blockchain.
Stellar Development Foundation, a non-profit organization, has announced its participation in a new advisory group of the United States Commodity Futures Trading Commission (CFTC).
According to the company’s release, SDF will be one of four crypto-focused groups on the Global Markets Advisory Committee (GMAC), one of the five active CFTC Advisory Committees. The company behind the Stellar blockchain will join representatives of major financial institutions, including J.P. Morgan, Goldman Sachs, and BlackRock.
Since SDF represents the blockchain sector on the GMAC, the foundation anticipates bringing Layer 1 protocols and remittances to the forefront. As part of the committee, the group also wants to emphasize the importance of stablecoins in digital asset markets and real-world use cases.
SDF claimed in its statement that it is thrilled to join the CFTC’s new committee with so many established financial firms. It also thinks that GMAC will provide traditional finance and blockchain with opportunities for integration, hence preserving the integrity and competitiveness of US markets.
“After a busy 2022, the SDF’s relationship with government agencies will be more important than ever. Our participation in the CFTC’s GMAC provides a further chance to promote the industry’s acceptance by the mainstream. Under Commissioner Pham’s leadership, I look forward to the opportunity to advocate blockchain technology and our business.”
In addition to SDF, members include representatives from the Chamber of Digital Commerce, Uniswap Labs, and CoinFund.
The GMAC is responsible for advising the CFTC on matters pertaining to “the integrity and competitiveness” of US markets and domestic enterprises involved in international operations. In addition to other features of global markets, the committee is mandated to give recommendations to the monitoring agency about regulatory concerns.
GMAC is also responsible for establishing international rules for regulating futures, swaps, options, and derivatives markets, as well as intermediaries. Financial market infrastructures, market players, end-users, service providers, and regulators make up its membership.
Caroline Pham, the commissioner of the CFTC, is the new sponsor of the GMAC. Recently, it was announced that the first meeting under her sponsorship would focus on organizational matters.