Stellar becomes the latest member of the CFTC committee

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The non -profit organization - Stellar Development Foundation - announced that it joined a new advisory committee of the United States Commodity Futures Trading Commission (CFTC).

According to the company's statement, SDF will be one of the four cryptofocussed organizations in the Global Market Advisory Committee (GMAC), which is one of the five active advisory bodies that are supervised by the CFTC. The company behind the Stellar-Blockchain will join representatives of traditional financial actors, including JP Morgan, Goldman Sachs and Blackrock.

The role of SDF in GMAC

Since SDF represents the blockchain industry on the GMAC, the foundation expects to focus on layer 1 protocols and transfers. The organization also plans to highlight the role of stable coins in the markets for digital assets and real applications as part of the committee.

In the explanation, SDF said that it is pleased to join the many traditional financial players in the new Committee of the CFTC. She also believes that GMAC conventional finances and blockchain will offer an opportunity to find perspectives for integration to ensure the integrity and competitiveness of the US markets.

"After an active year 2022, the cooperation between SDF with government agencies is more important than ever. Our admission to the GMAC of the CFTC is another opportunity to urge the industry towards mainstream acceptance. I look forward to the work ahead of us under the leadership of Commissioner Pham and the opportunity to represent the blockchain technology and our industry."

In addition to SDF, the Chamber of Digital Commerce, Uniswap Labs and Coinfund are some of the members.

functions of GMAC

The GMAC has the task of leading the CFTC on questions of “integrity and competitiveness” of the US markets and the local companies working in global business. Regulatory challenges of global marketplaces are also some of the aspects of global marketplaces for which the Committee has to make recommendations to the surveillance authority.

The determination of international standards for the regulation of futures, swaps, option and derivative markets as well as intermediaries also fall within the GMAC area. His members include financial market infrastructures, market participants, end users, service providers and supervisory authorities.

CFTC commissioner Caroline Pham is the new sponsor of the GMAC. It was recently known that the first meeting will be dedicated to organizational questions under its patronage.

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