The non-profit organization, Stellar Development Foundation, announced to join a new advisory committee of the United States Commodity Futures Trading Commission (CFTC).
According to the signature declaration, SDF will be one of four cryptocurrency-focused organizations on the Global Markets Advisory Committee (GMAC), which is one of five active Advisory Committees overseen by the CFTC. The firm behind the Stellar blockchain will join representatives from traditional financial players, including JP Morgan, Goldman Sachs, and BlackRock.
The role of SDF in GMAC
Since SDF represents the blockchain industry at GMAC, the foundation hopes to focus on Layer 1 protocols and remittances. The organization also plans to highlight the role of stablecoins in digital asset markets and case studies. of real world use as part of the committee.
In the statement, SDF stated that it is excited to join the many traditional financial players on the new CFTC committee. He also believes that GMAC will serve as an opportunity for mainstream and blockchain finance to find integration prospects to ensure the integrity and competitiveness of the US markets.
“After an active 2022, SDF’s engagement with government agencies is more critical than ever. Our listing on the CFTC’s GMAC is yet another opportunity to push the industry toward mainstream adoption. I look forward to the work ahead under the leadership of Commissioner Pham and the opportunity to represent blockchain technology and our industry.”
In addition to SDF, officials from the Digital Chamber of Commerce, Uniswap Labs, and CoinFund are some of the members.
GMAC Functions
The GMAC is tasked with guiding the CFTC on issues related to the “integrity and competitiveness” of US markets, as well as domestic companies engaged in global business. The regulatory challenges of global markets are also some of the aspects of global markets that the committee must make recommendations to the watchdog agency.
The establishment of international standards to regulate the futures, swaps, options and derivatives markets, as well as intermediaries, is also the responsibility of GMAC. Its members include financial market infrastructures, market participants, end users, service providers and regulators.
CFTC Commissioner Caroline Pham is the new sponsor of GMAC. was recently revealed that the first meeting under your patronage be devoted to organizational matters.
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