The non-profit organization – Stellar Development Foundation – announced joining a new advisory committee of the United States Commodity Futures Trading Commission (CFTC).
Reports by the firm’s statement, SDF will be one of the four crypto-focused organizations at the Worldwide Markets Advisory Committee (GMAC), which is one of the 5 active Advisory Committees overseen by the CFTC. The company behind the Stellar blockchain tech will join representatives from traditional finance players, including the likes of J.P. Morgan, Goldman Sachs Group, and BlackRock.
SDF’s Role in GMAC
Since SDF represents the blockchain tech industry on the GMAC, the foundation expects to attract the focus on Layer 1 protocols and remittances. The organization likewise plans on highlighting the role of crypto stablecoins in the digital investment markets and real-world use cases as part of the committee.
In the statement, SDF indicated that it is excited to participate in the numerous traditional finance players on CFTC’s new committee. It likewise believes GMAC will serve as a chance for conventional finance and blockchain tech to find prospects for integration to secure the integrity and competitiveness of United States markets.
“After an active 2022, SDF’s engagement with Government agencies is more critical than ever. Our inclusion in the CFTC’s GMAC is is still 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 opportunity to represent blockchain tech and our industry.”
Along with 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 United States markets likewise as the domestic corporations engaged in worldwide business. Regulatory challenges of worldwide marketplaces are likewise some of the aspects of worldwide marketplaces that the committee is required to make recommendations to the watchdog agency.
Setting international standards for regulating futures, swaps, alternatives, and derivatives markets, likewise as intermediaries, likewise 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 1st meeting under her sponsorship will be devoted to organizational issues.
The post Stellar turn into Newest Member of CFTC’s Committee appeared 1st on CryptoPotato.
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