Crypto

Stellar Joins CFTC Global Markets Advisory Board as One of Four Crypto Organizations

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 announcement 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 crypto-fiat transfers. The foundation will be represented on the committee by COO Jason Chlipala. He wrote in the company blog that “we hope to bring the unique perspective of Layer 1 protocols” to GMAC and:

“As part of the committee, the SDF will highlight the role of stablecoins in digital asset markets and real-world use cases, including the mining of stablecoins in delivering humanitarian aid.”

Stellar is the transmitter of Stellar (XLM) coin and creator of Stellar Aid Assist program which “allows humanitarian organizations to provide cash assistance to vulnerable populations”. It joins crypto-oriented GMAC members CoinFund, Uniswap Labs, and the Chamber of Digital Commerce. Traditional finance giants including HSBC, Goldman Sachs and BlackRock are also represented on the 36-member committee.

Related: Launch of MoneyGram’s USDC transfer service in several countries

CFTC Commissioner Caroline Pham is the new patron of GMAC. The first meeting under his sponsorship will be devoted to organizational matters. “Potential topics related to global market structure and digital asset markets for GMAC to prioritize in making policy recommendations to the CFTC” will also be discussed.

Pham said in a Jan. 17 interview that she had held more than 75 meetings with various parties on global crypto regulatory standards since then. she was appointed to the CFTC by US President Joe Biden in January 2022. In September, she proposed the creation of a CFTC Office of the Retail Advocate modeled after the Security and Exchange Commission’s Office of the Investor Advocate.