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- The new sponsor of the GMAC is CFTC commissioner Caroline Pham.
The United States government’s independent Commodity Futures Trading Commission (CFTC) oversees the futures and options markets. The Global Markets Advisory Committee (GMAC) is a group inside the CFTC that advises the organization on a variety of matters pertaining to the futures,options and swaps markets. The GMAC is composed of a wide range of market participants including academics, industry representatives and other specialists.
Stellar is a decentralized open-source protocol that enables international exchanges between any two currencies and allows for the transfer of digital currency for fiat money.
Blockchain reported on its blog that Stellar Development Foundation (SDF) has joined GMAC of the United States Commodity Futures Trading Commission (CFTC). The committee is getting ready to convene for the very first time in more than a year on February 13.
The Stellar blockchain is supported by SDF. Chief Operating Officer Jason Chhipala will represent the Foundation on the committee. He stated in the business blog “We look forward to offering a special viewpoint of Layer 1 protocols to GMAC”. He further added that SDF will highlight stablecoins significance in digital assets markets and actual use cases such as utilizing stablecoins in the delivery of humanitarian aid as part of the committee.
The Stellar (XLM) coin’s developer and issuer Stellar has developed the Stellar Aid Assist program which allows aid organizations to deliver monetary support to needy communities. It joins the Chamber of Digital Commerce, Uniswaps Labs and Coinfund as GMAC members. The 36-member council also includes representatives from well-known financial conglomerates including HSBC, Goldman Sachs and BlackRock.
The new sponsor of GMAC is CFTC commissioner Caroline Pham. Organizational concerns will be covered at the first meeting under his sponsorship. The GMAC will be prioritized when making policy recommendations to the CFTC along with potential topics linked to the global market structure and digital asset markets.
In summation, Stellar’s addition to the Global Markets Advisory Committee of the CFTC is a significant development for the digital asset sector. It shows that the CFTC is serious about digital assets and that it wants to interact with market players to learn more about the markets. The CFTC’s understanding of the markets for digital assets will be aided by Stellar and other crypto organizations’ participation in GMAC which will ultimately result in more careful and effective regulation of the sector. The industry for digital assets as well as its investors will ultimately benefit from this.