Stellar chief operating officer Jason Chlipala said the foundation would bring the unique perspective of Layer 1 to the committee and highlight stablecoin use cases.
The Stellar Development Foundation (SDF) has become the newest member of the United States Commodity Futures Trading Commission (CFTC) Global Markets Advisory Committee (GMAC), the blockchain announced on its blog. The committee is preparing to meet on Feb. 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 chief operating officer Jason Chlipala. He wrote in the company blog that “we hope to bring the unique perspective of Layer 1 protocols” to the GMAC and:
“As part of the Committee, SDF will highlight the role of stablecoins in the digital asset markets and real-world use cases, including leveraging stablecoins in the delivery of humanitarian aid.”
Stellar is the issuer of the Stellar (XLM) coin and creator of the Stellar Aid Assist program that “enables aid organizations to deliver 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.
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CFTC commissioner Caroline Pham is the new sponsor of the GMAC. The first meeting under her sponsorship will be devoted to organizational issues. “Potential topics relating to global market structure and digital asset markets for the GMAC to prioritize in making policy recommendations to the CFTC” will also be discussed.
— Jason Chlipala (@jachlipala) January 19, 2023
Pham stated in an interview Jan. 17 that she has held over 75 meetings with various parties on global crypto regulatory standards since she was nominated to the CFTC by U.S. President Joe Biden in January 2022. In September, she proposed the creation of a CFTC Office of the Retail Advocate modelled after the Security and Exchange Commission’s Office of the Investor Advocate.