The Stellar Development Foundation (SDF) has become the newest member of the Global Markets Advisory Committee (GMAC) of the United States Commodity Futures Trading Commission (CFTC), the blockchain Announced on his blog. The committee is preparing to meet on February 13 for the first time in over a year.
SDF supports the Stellar blockchain, which is used for cryptographic transfers. The foundation will be represented on the committee by Chief Operating Officer Jason Chlipala. He wrote on the company blog that “we look forward to bringing the unique perspective of Layer 1 protocols” to GMAC and:
“As part of the Committee, SDF will highlight the role of stablecoins in digital asset markets and real-world use cases, including leveraging stablecoins in humanitarian aid delivery.”
Stellar is the issuer of the Stellar coin (XLM) and creator of the Stellar Aid Assist program which “allows aid organizations to deliver cash assistance to vulnerable populations.” He joins crypto-oriented GMAC members CoinFund, Uniswap Labs, and the Digital Chamber of Commerce. Traditional financial giants including HSBC, Goldman Sachs and BlackRock are also represented on the 36-member committee.
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CFTC Commissioner Caroline Pham is the new sponsor of GMAC. The first meeting under her patronage will be devoted to organizational issues. Also discussed will be “potential issues related to global market structure and digital asset markets for GMAC to prioritize when making policy recommendations to the CFTC.”
excited to represent @StellarOrg in @CFTCham‘s Global Markets Advisory Committee and help ensure the conversation includes a blockchain point of view https://t.co/OAbRjAo025
—Jason Chlipala (@jachlipala) January 19, 2023
Pham stated in an interview on Jan. 17 that she has held more than 75 meetings with various parties on global crypto regulatory standards since she was nominated to the CFTC by US President Joe Biden in January 2022. In September, she proposed the creation of a CFTC office. of the Retail Ombudsman modeled after the Securities and Exchange Commission’s Office of Investor Ombudsman.
