Stellar joins CFTC’s Global Markets Advisory Committee as one of four crypto orgs

The Stellar Development Foundation (SDF) has become the newest member of the United States Commodity Futures Trading Commission (CFTC) Global Market Advisory Committee (GMAC), the blockchain announced on its blog. The committee is preparing to meet on February 13 for the first time in more than a year.

SDF supports the Stellar blockchain, which is used for crypto-fiat transfers. The foundation will be represented on the committee by chief operating officer Jason Chlipala. He wrote on the company’s blog that he “hopes to bring a unique perspective of the Layer 1 protocol” to GMAC and:

“As part of the Committee, SDF will highlight the role of stablecoins in the digital asset market and real use cases, including the use of stablecoins in the delivery of humanitarian aid.”

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

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

Pham stated in a January 17 interview that he has held more than 75 meetings with various parties on global crypto regulatory standards since he was nominated to the CFTC by US President Joe Biden in January 2022. In September, he proposed the creation of the CFTC’s Office of Retail Advocates which modeled after the Securities and Exchange Commission’s Office of the Investor Advocate.