According to the official Twitter account of Stellar Lumens, behind the blockchain network and altcoin XLM, the Stellar Development Foundation (SDF) will join the global market advisory committee of the US Commodity Futures Trading Commission (CFTC). Here are the details…
Altcoin project joins CFTC advisory committee
The Stellar Development Foundation will reportedly become a member of a new advisory board set up by the United States Commodity Futures Trading Commission. The CFTC will receive guidance on blockchain technology and crypto assets from the SDF, and the foundation will assume a leadership role on the new committee. With JP Morgan, Goldman Sachs and BlackRock joining the Global Market Advisory Committee, Stellar is signaling confidence for fruitful collaboration with the leaders of traditional financial markets.
Big news! SDF is joining the @CFTC’s Global Market Advisory Committee as its only blockchain representation. We are excited to lend a crypto-native perspective as the Committee advises on the challenges and opportunities of a global marketplace.https://t.co/xzpIJnpQ8i
— Stellar (@StellarOrg) January 19, 2023
Stellar (XLM), a decentralized provider of international money transfers, has expressed its desire to place great emphasis on remittances and stablecoins. Currently, the Stellar Development Foundation (SDF) plans to talk about stablecoins and their real-world use, and projects such as providing assistance to those in need as part of their effort called Stellar Aid Assist. The foundation will be represented on the committee by the foundation’s COO, Jason Chlipala. “We hope to bring the unique perspective of Layer-1 protocols to the committee,” the company wrote on its blog. In addition, the following expressions were used:
As part of the committee, SDF will highlight the role of stablecoins in crypto-asset markets and real-world use cases, including leveraging stablecoins in the delivery of humanitarian aid.
CFTC held more than 75 meetings on cryptocurrencies
CFTC commissioner Caroline Pham has become GMAC’s new sponsor. The first meeting, sponsored by Pham, will be devoted to organizational issues. “Potential issues related to global market structure and crypto-asset markets for GMAC to prioritize when making policy recommendations to the CFTC” will also be discussed. In an interview on Jan. 17, Pham stated that he has held over 75 meetings on global crypto regulatory standards with various parties since being nominated to the CFTC by US President Joe Biden in January 2022.
Stellar forges ties with the CFTC, while Ripple battles the SEC
Ironically, the scenario between Ripple and the US Securities and Exchange Commission (SEC) seems to be almost the opposite of what happened with Stellar. Ripple is now continuing its legal battle with the SEC. Despite the fact that Stellar and key players in traditional banking control cryptocurrency regulation under the auspices of the CFTC, Ripple’s war with the SEC is plaguing investors in the cryptocurrency market. cryptocoin.com As we have also reported, there are those who are waiting for the litigation between Ripple and the SEC to be concluded this year. Also recently, expectations have risen that the case will be settled in favor of Ripple. Time will tell what will happen.
