Stellar Development Foundation Joins New CFTC Advisory Committee
- SDF will be representing the cryptocurrency industry as one of four representatives.
- The foundation is hoping to shift attention to Layer 1 protocols and payments.
Stellar Development Foundation, a non-profit, has stated that it would be participating in a new advisory group established by the United States Commodity Futures Trading Commission (CFTC).
As stated in the company’s release, SDF will be representing the cryptocurrency industry. As one of four representatives at the CFTC’s Global Markets Advisory Committee (GMAC), one of the CFTC’s five active Advisory Committees. Stellar’s team will join others from established financial institutions including J.P. Morgan, Goldman Sachs (NYSE: GS ), and BlackRock (NYSE: BLK ).
Traditional Finance and Blockchain
Since SDF is the blockchain industry’s representative on the GMAC. The foundation is hoping to shift attention to Layer 1 protocols and payments. The committee will also focus on the importance of stablecoins in the digital asset markets and their practical applications.
SDF said in its statement that it is pleased to be joining the new CFTC committee. With so many venerable names in the financial industry. It also thinks GMAC will be a good chance for traditional finance and blockchain to uncover areas where they can work together to protect the security and growth of the US market.
Moreover, there are representatives from SDF, the Chamber of Digital Commerce, Uniswap Labs, and CoinFund, among others.
The CFTC looks to the GMAC for advice on protecting “the integrity and competitiveness” of US markets and domestic enterprises with international operations. The group is tasked with advising the monitoring body on matters relating to global markets, including regulatory problems.
Additionally, GMAC is responsible for establishing global norms for the oversight of intermediaries in the futures, swaps, options, and derivatives markets. Members include exchanges, traders, consumers, service providers, and government agencies.
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