- The commission’s decision to include crypto market participants in its market advisory board proves that US regulators recognize the relevance of crypto and blockchain to the future of the country’s financial markets.
- The SDF also expressed its joy in working with players in the traditional financial space, as it fosters deep collaborations between the two industry giants, allowing them to build on existing financial infrastructures.
According to an announcement from the official Twitter account of the blockchain-based distributed ledger network, Stellar Lumens, the Stellar Development Foundation (SDF) will join the Global Market Advisory Board of the Commodity Futures Trading Commission (CFTC). .
The announcement is huge because it’s a chance for the foundation to provide a crypto-native perspective to the committee as it seeks advice on the opportunities and challenges of a global marketplace.
Great news! SDF joins the @CFTC‘s Global Market Advisory Committee as its sole blockchain representation. We are excited to bring 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
Recently, the CFTC relaunched its Global Market Advisory Committee to use its experience to discuss the best ways to regulate the digital asset market. The commission’s decision to include crypto market participants in its market advisory board proves that US regulators recognize the relevance of crypto and blockchain to the future of the country’s financial markets.
A bright future for US financial markets
Besides the SDF, there are three other crypto-related companies on this committee. However, the SDF is the only crypto firm representing blockchain companies. The other members of the committee are major players in institutional finance such as Blackrock, JP Morgan and Goldman Sachs. CFTC Commissioner Caroline Pham chairs this committee.
The committee will advise the CFTC on how best to address integrity and other issues affecting US financial markets. SDF’s presence on the committee is a huge step forward for the blockchain industry. It also proves a connection between blockchain and the crypto space and the future of US financial markets.
Moreover, it proves that the CFTC is committed to having players from various areas of the financial space other than traditional finance players. Another benefit of SDF’s inclusion on the committee is that it offers the industry a chance to have a voice in discussions relating to regulatory clarity for the blockchain and crypto industry in the short and long term. long-term. According to a blog post by Stellar Lumens regarding this development, the blockchain and crypto industry can realize its potential once there are smart policies and clear rules from regulators.
Therefore, players in this sector must be in constant dialogue with regulators and policy makers to make this objective a reality.
The objectives of the SDF as a member of the committee
The blog post revealed that the SDF aims to make the committee understand the relevance of blockchain technology for the development and support of decentralized applications. As remittances become more relevant in the crypto world, stablecoins represent one of its most important applications. Therefore, the SDF will reiterate the relevance of real-world use cases for stablecoins and crypto markets.
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The blog post mentioned Stellar Aid, which provides humanitarian aid by leveraging stablecoins. The SDF also expressed its joy in working with players in the traditional financial space, as it fosters deep collaborations between the two industry giants, allowing them to build on existing financial infrastructures.
After a buzz of development activity last year, building relationships with regulators is more critical than ever for SDF. Therefore, its inclusion in the CFTC committee will further increase the pressure for wider adoption of blockchain technology.
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