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

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The Stellar Development Foundation (SDF) has become the newest member of the Global Markets Advisory Committee (GMAC) of the US Commodity Futures Trading Commission (CFTC), the blockchain announced on its 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 the delivery of humanitarian aid.

Stellar is the issuer of the Stellar coin (XLM) and the creator of the Stellar Aid Assist program which enables 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: MoneyGrams USDC Transfer Service Launched in Multiple 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 that GMAC will need to prioritize when making policy recommendations to the CFTC will also be discussed.

Glad to represent @StellarOrg on the @CFTCphams Global Markets Advisory Board and help ensure the conversation includes a blockchain perspective https://t.co/OAbRjAo025

Jason Chlipala (@jachlipala) January 19, 2023

Pham said in a January 17 interview that she has held more than 75 meetings with various parties on global crypto regulatory standards since being appointed to the CFTC by US President Joe Biden in January 2022. In September, she proposed the creation of a CFTC office. the Retail Advocate on the model of the Security and Exchange Commissions Office of the Investor Advocate.

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