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Stellar has become the newest member of the United States Commodity Futures Trading Commission’s (CFTC) Global Market Advisory Committee (GMAC).
First Blockchain On CFTC Committee
The Stellar Development Foundation (SDF), which is the issuer of the Stellar (XLM) coin and creator of the Stellar Aid Assist program, is one of the four crypto organizations to join the CFTC’s Global Market Advisory Committee. The Stellar blockchain, which facilitates crypto-fiat transfers, will be the only blockchain represented by the foundation on the committee by its COO, Jason Chlipala.
Chlipala recently announced the news via a company blog, in which he expressed that the goal was to bring the unique perspective of Layer 1 protocols to the GMAC.
He also wrote,
“Our inclusion in the Committee marks another important moment for blockchain. It further acknowledges that the future of U.S. markets and our industry are connected. It also underscores the CFTC's commitment to building a diverse consortium representing more than just traditional finance players.”
The GMAC Committee
The GMAC is a 36-member committee, which is being led by CFTC Commissioner Caroline Pharm and already includes major TradFi players like J.P. Morgan, HSBC, Goldman Sachs, and BlackRock. Also included are other crypto-focused organizations of CoinFund, Uniswap Labs, and the Chamber of Digital Commerce. The representatives from all these institutions will present at the committee’s yearly meeting on February 13, 2023, which Chlipala will be attending for the first time.
The Stellar network has been in the news recently for launching a $100 million fund to support smart contracts after preparing for it for at least a year in advance.
Points Of Discussion
The SDF will also address matters of remittances, the role of stablecoins in the digital asset markets, and their real-world use cases. Chlipala has expressed his appreciation for this opportunity for the blockchain industry to be able to participate in fintech and regulatory conversations. He believes that it is essential for the crypto industry’s representatives to be in the same room as policymakers and regulators.
He also wrote,
“At SDF, blockchain's future is not to supplant traditional finance but to build on top of and work with the system we've already created. This vision requires blockchain and traditional finance to work together and to ensure the systems are interoperable to work as seamlessly as possible. This body will serve as an excellent opportunity for conventional finance and blockchain to find the present and future prospects for integration to ensure the integrity and competitiveness of U.S. markets.”
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