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), blockchain announced on its blog. The committee is preparing to meet on February 13 for the first time in over a year.
SDF controls the Stellar blockchain, which is used for cryptocurrency transfers. The Foundation will be represented on the committee by Chief Operating Officer Jason Chlipala. “We look forward to bringing the unique perspective of Layer 1 protocols” to GMAC, he wrote in the company blog:
“As part of the panel, the SDF will highlight the role of stablecoins in digital asset markets and real-world use cases, including leveraging stablecoins for 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.” Join CoinFund, Uniswap Labs, and other crypto-focused GMAC members and the Digital Chamber of Commerce. Traditional financial giants including HSBC, Goldman Sachs and BlackRock are also represented on the 36-member panel.
CFTC Commissioner Caroline Pham is the new sponsor of GMAC. The first meeting under your auspices will be devoted to organizational matters. Potential issues related to global market structure and digital asset markets will also be discussed for GMAC to prioritize when making policy recommendations to the CFTC.
– Jason Chlipala (@jachlipala) January 19, 2023
Pham stated in an interview on January 17 that she has held more than 75 multi-stakeholder meetings on global regulatory standards for cryptocurrencies since her appointment to the CFTC by US President Joe Biden in January 2022. In September, she proposed creating the CFTC’s retail attorney office modeled after The Office of the Investor’s Advocate of the Securities and Exchange Commission.