Stellar Development Foundation joins new CFTC Global Markets Advisory Committee
(Kitco News) -The Stellar Development Foundation (SDF), a non-profit organization founded in 2014 to support the development and growth of the open-source Stellar network, has announced that it has joined the new Global Markets Advisory Committee (GMAC) created by the U.S. Commodity Futures Trading Commission (CFTC).
According to a statement released by the SDF, it will be one of four crypto-focused organizations on the committee and the only one that represents a blockchain. Traditional finance companies, including JPMorgan, Goldman Sachs and BlackRock, are also part of the committee whose job it will be to help develop appropriate regulations for digital asset markets.
“With Commissioner Pham at the helm, the GMAC will guide the Commission on issues that affect the integrity and competitiveness of U.S. markets and U.S. firms engaged in global business,” the SDF announced.
The non-profit organization is looking to “bring the unique perspective of Layer 1 protocols and what it means to be the underlying infrastructure responsible for supporting and bringing to life so many promising applications of the technology.”
One of the main goals for the SDF on the committee will be to highlight the role that stablecoins play in digital asset markets and their real-world use cases, such as utilizing stablecoins to deliver humanitarian aid through Stellar Aid Assist.
“At SDF, blockchain's future is not to supplant traditional finance but to build on top of and work with the system we've already created,” the SDF wrote. “This vision requires blockchain and traditional finance to work together and to ensure the systems are interoperable to work as seamlessly as possible.”
The organization hopes to use the GMAC to create a space where conventional finance and blockchain can “find the present and future prospects for integration to ensure the integrity and competitiveness of U.S. markets.”
|CFTC commissioner wants new protections for crypto consumers, increased oversight of crypto exchanges|
According to a statement released by CFTC Commissioner Caroline D. Pham, the GMAC will hold its first public meeting on Monday, Feb. 13. At this meeting the GMAC will discuss the Committee’s structure, the formation of subcommittees, and “potential topics relating to global market structure and digital asset markets for the GMAC to prioritize in making policy recommendations to the CFTC, consistent with its mandate.”
The GMAC is one of five active Advisory Committees overseen by the CFTC. They were created to provide advice and recommendations to the Commission on a variety of regulatory and market issues that affect the integrity and competitiveness of U.S. markets.
The main function of the GMAC is to help guide the CFTC on issues related to “the integrity and competitiveness” of US markets and domestic firms engaged in global business. It also helps set international standards for regulating futures, swaps, options, and derivatives markets, as well as intermediaries. Its members include financial market infrastructures, market participants, end-users, service providers, and regulators.