Stellar Joins US CFTC’s Committee
Stellar Development Foundation (SDF), a non-profit organization, declared becoming a part of an exclusive advisory committee of the US Commodity Futures Trading Commission (CFTC).
As per the official statement of the platform, SDF is to be categorized among 4 crypto-centered institutions at the Global Markets Advisory Committee (GMAC). The committee is considered among the 5 active Advisory Committees administered by the CFTC.
Stellar Turns into a Participant of the GMAC Committee of CFTC
The company at the back of the Stellar blockchain is to become one of the representatives among the players within conventional finance. These take into account, BlackRock, Goldman Sachs, and J.P. Morgan. As SDF denotes the blockchain market on the GMAC, it is anticipated by the organization to pay attention to remittances and Layer-1 protocols.
The company additionally has a strategy on elucidating the part played by the stablecoins in the markets of digital assets. In addition to this, it is to focus on the use cases within the real world, as the committee’s participant. SDF mentioned in its statement that the platform is enthusiastic to be a part of diverse TradFi names on the latest committee of CFTC.
It additionally considers that GMAC will offer an opportunity for blockchain as well as traditional finance to look for potential integration. As per the platform, this would guarantee the competitiveness and integrity of the US markets. It noted that following a vigorous 2022, the engagement of the SDF with government organizations is also more important than ever.
In other words, their inclusion in the GMAC of CFTC offers another opportunity to pave the way for expanding mainstream adoption. The platform expressed that it is hopeful to move ahead and consider its duty under the leadership of Commissioner Pham.
Apart from that, SDF is also eager to have the opportunity to represent the industry and the blockchain. Along with SDF, the Chamber of Digital Commerce, CoinFund, and Uniswap Labs’ officials are a few of the members.
Stellar Intends to Integrate Digital Assets-Related Markets into Traditional Finance
Stellar thinks that, as they are the sole organization within the committee to represent the blockchain market, they intend to offer the exclusive perspective of the protocols based on Layer-1.
The company also clarified that its objective is not to eliminate traditional finance Instead, it added, it will operate in close cooperation with the TradFi sector to advance harmony between conventional and modern finance.
Stellar blockchain (the platform which is utilized for crypto-fiat transactions) is supported by SDF. On the committee, the foundation’s representation will be done by Jason Chlipala (the chief operating officer).
He noted that their goal of indicating the Stablecoins’ role in real-world use cases as well as the digital asset industry will include taking benefit from stablecoins in the provision of humanitarian assistance.
Stellar performs the role of a platform that issues a stablecoin called Stellar (XLM). It has also established the Stellar Aid Assist project that permits the companies to offer cash to support vulnerable populations. The committee includes a cumulative of 36 members. Caroline Pham (the CFTC commissioner) is the GMAC’s latest sponsor.
The sponsorship’s focus will be on organizational matters. Likely subjects dealing with the structure of the worldwide market as well as the markets of digital assets will be given importance. The GMAC will prioritize these matters in developing policy recommendations for the CFTC.
