The independent federal agency Commodity Futures Trading Commission (CFTC) is a regulator of the financial market in the United States. So far, it has had no members representing a blockchain on its executive committee. But things changed with the newest member joining the agency.
CFTC welcomes Stellar Developer to GMAC
The Stellar Development Foundation (SDF) is a non-profit organization. He developed the Stellar blockchain. I happen to be the newest member of one of the CFTC committees. Indeed, Stellar announced in a blog post that it has joined the Global Markets Advisory Committee (GMAC). The latter is one of five active advisory committees overseen by the CFTC.
That said, the Stellar team commented on the news in a tweet on January 21, 2023. It appears the foundation will be a great ally for stablecoins within the CFTC. He plans to show the committee what role stablecoins play in the cryptocurrency markets. It will highlight real-world use cases for this type of crypto, especially its usefulness for delivering humanitarian aid.
Within GMAC, the SDF also wants to draw attention to layer 1 protocols. It will do the same with remittances. Also, by integrating GMAC, the Stellar blockchain foundation joins 3 other organizations focused on cryptocurrencies.
SDF is excited to join GMAC
The SDF expressed their joy at the idea of uniting many TradFi players within the GMAC. He will notably join BlackRock, Goldman Sachs and JP Morgan. According to her, this is the perfect opportunity to find a way to integrate blockchain into traditional finance. The SDF believes that such an inclusion could to make American markets more honest and competitive.
“After an active 2022, SDF’s engagement with government agencies is more critical than ever. Our inclusion in the CFTC’s GMAC is another opportunity to propel the industry toward widespread adoption.the foundation said.
For the Stellar Development Foundation, joining GMAC”marks another great moment for the blockchain“. The foundation explained that the CFTC committee understood that “the future of US markets and our industry are connectedHe added that the CFTC’s decision demonstrates its commitment to building a diversified consortium.
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Far from dampening my enthusiasm, a failed investment in a cryptocurrency in 2017 only increased my enthusiasm. I therefore decided to study and understand the blockchain and its multiple uses and to convey information related to this ecosystem with my pen.