Stellar Becomes Newest Member of CFTC’s Committee
The non-profit organization – Stellar Development Foundation – announced joining a new advisory committee of the United States Commodity Futures Trading Commission (CFTC).
According to the firm’s statement, SDF will be one of the four crypto-focused organizations at the Global Markets Advisory Committee (GMAC), which is one of the five active Advisory Committees overseen by the CFTC. The firm behind the Stellar blockchain will join representatives from traditional finance players, including the likes of J.P. Morgan, Goldman Sachs, and BlackRock.
SDF’s Role in GMAC
Since SDF represents the blockchain industry on the GMAC, the foundation expects to bring the focus on Layer 1 protocols and remittances. The organization also plans on highlighting the role of stablecoins in the digital asset markets and real-world use cases as part of the committee.
In the statement, SDF stated that it is excited to join the many traditional finance players on CFTC’s new committee. It also believes GMAC will serve as an opportunity for conventional finance and blockchain to find prospects for integration to ensure the integrity and competitiveness of US markets.
“After an active 2022, SDF’s engagement with government agencies is more critical than ever. Our inclusion in the CFTC’s GMAC is yet another opportunity to push the industry toward mainstream adoption. I look forward to the work ahead of us under Commissioner Pham’s leadership and the chance to represent blockchain technology and our industry.”
In addition to SDF, officials from the Chamber of Digital Commerce, Uniswap Labs, and CoinFund are some of the members.
GMAC’s Functions
The GMAC is tasked with guiding the CFTC on issues related to “the integrity and competitiveness” of US markets as well as the domestic firms engaged in global business. Regulatory challenges of global marketplaces are also some of the aspects of global marketplaces that the committee is required to make recommendations to the watchdog agency.
Setting international standards for regulating futures, swaps, options, and derivatives markets, as well as intermediaries, also fall under GMAC’s purview. Its members include financial market infrastructures, market participants, end-users, service providers, and regulators.
CFTC commissioner Caroline Pham is the new sponsor of the GMAC. It was recently revealed that the first meeting under her sponsorship will be devoted to organizational issues.
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