The Stellar Development Foundation (SDF) recently announced its inclusion in the United States Commodity Futures Trading Commission’s (CFTC) Global Markets Advisory Committee (GMAC). This committee is set to meet on February 13th after more than a year of inactivity. With SDF now part of this body, they hope to provide an innovative and informed providence that will help further develop and understand blockchain technologies.
Jason Chlipala, SDF’s Chief Operating Officer and representative at the GMAC committee wrote in the company blog that they hope to bring a distinct outlook of Layer 1 protocols” to the GMAC. The Stellar blockchain is utilized by SDF for crypto-fiat transfers as well.
As part of the Committee, SDF will highlight the role of stablecoins in the digital asset markets and real-world use cases, including leveraging stablecoins in the delivery of humanitarian aid.
Jason Chlipala
Stellar, the issuer of its namesake cryptocurrency and developer of Stellar Aid Assist—which facilitates aid organizations in providing financial help to disadvantaged people—has been welcomed into GMAC. Other crypto-dedicated members such as CoinFund, Uniswap Labs, and the Chamber of Digital Commerce are also a part of this esteemed 36-member committee, which also includes renowned traditional finance magnates like HSBC, Goldman Sachs, and BlackRock.
CFTC Commissioner Caroline Pham has now taken over the reins of GMAC, and their first session will be dedicated to organizational matters. In addition, they will explore “potential topics related to global market structure and digital asset markets for GMAC to suggest policy recommendations towards the CFTC.
On January 17th, Pham discussed in an interview that since President Biden’s nomination to the CFTC in 2022, she had convened over 75 gatherings with different organizations on worldwide digital currency administrative principles. In September of that same year, she proposed the foundation of a CFTC Office of the Retail Advocate modeled after the Securities and Exchange Commission’s Office of Investor Advocate.
