The independent federal agency Commodity Futures Trading Commission (CFTC) is a financial market regulator in the United States. So far, it had no member representing a blockchain within its executive committee. But, things changed with the newest member joining the agency.
CFTC Welcomes Stellar Developer to GMAC
The Stellar Development Foundation (SDF) is a non-profit organization. She developed the Stellar blockchain. She happens to be the newest member of one of the CFTC committees. Indeed, Stellar announced in a blog post that she joined the Global Markets Advisory Committee (GMAC). The latter is one of five active advisory boards that the CFTC oversees.
That said, the Stellar team commented on the news in a tweet on January 21, 2023. It appears that the foundation will be a great ally for stablecoins within the CFTC. She plans to show the committee what role stablecoins play in crypto markets. She will highlight the use cases for this type of crypto in the real world, especially its usefulness for providing humanitarian aid.
Within GMAC, the SDF also wants to draw attention to Layer 1 protocols. It will do the same with remittances. Furthermore, by integrating GMAC, the Stellar blockchain foundation joins 3 other crypto-focused organizations.
SDF is excited to join GMAC
The SDF expressed its joy at the idea of joining many TradFi players within the GMAC. It will notably join BlackRock, Goldman Sachs and JP Morgan. According to her, this is the perfect opportunity to find a way to integrate blockchain into traditional finance. The SDF believes that such inclusion could to make American markets more honest and competitive.
“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 widespread adoption.“said the foundation.
For the Stellar Development Foundation, joining GMAC “marks another big moment for blockchain“. The foundation explained that the CFTC committee understood that “the future of US markets and our industry are connected“. She added that the CFTC’s decision demonstrates its commitment to building a diverse consortium.
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