Stellar Lumens joins a super important board as the first ever blockchain project worldwide
- The commission’s decision to include crypto market players in its market advisory committee proves that the US regulators recognize crypto and blockchain’s relevance to the future of the country’s financial markets.
- The SDF also expressed its pleasure to work with players from the traditional financial space, as it fosters deep collaboration between the two industry giants, enabling them to build on existing financial infrastructure.
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 committee of the CFTC (commodity futures trading commission).
The announcement is huge as it’s a chance for the foundation to bring a crypto-native perspective to the committee as it seeks advice on opportunities and challenges in a global marketplace.
Big news! The SDF joins @CFTC‘s Global Market Advisory Committee as its sole blockchain representation. We are pleased to provide a crypto-native perspective as the committee advises on the challenges and opportunities of a global marketplace.
— Stellar (@StellarOrg) 19 January 2023
Recently, the CFTC relaunched its Global Markets 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 players in its market advisory committee proves that the US regulators recognize crypto and blockchain’s relevance to the future of the country’s financial markets.
A bright future for the US financial markets
Besides SDF, there are three other crypto-related firms in this committee. However, SDF is the only crypto firm that represents blockchain firms. Other committee members are leading institutional financial players such as Blackrock, JP Morgan and Goldman Sachs. CFTC Commissioner Caroline Pham chairs this committee.
The committee will recommend to the CFTC the best ways to address integrity issues and other issues affecting the US financial markets. The presence of the SDF in the committee is a big step forward for the blockchain industry. It also proves a connection between the blockchain and the crypto space and the future of the US financial markets.
Furthermore, it proves that the CFTC is committed to having players from various fields in the financial area other than traditional financial actors. Another benefit of SDF’s inclusion on the committee is that it gives the industry a chance to have a voice in discussions related to regulatory clarity for the blockchain and crypto industry in the short and long term. According to a Stellar Lumens blog post about this development, the blockchain and crypto sector can fulfill its potential when there are smart policies and clear rules from the regulators.
Therefore, participants in this sector must be in constant dialogue with regulators and decision-makers to make this goal a reality.
SDF’s goals as a committee member
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 transfers become more relevant in the crypto world, stablecoins represent one of its most important applications. Therefore, SDF will reiterate the relevance of stablecoins’ real use cases and crypto markets.
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The blog post mentioned the amazing aid support, which delivers humanitarian aid by leveraging stablecoins. The SDF also expressed its pleasure to work with players from the traditional financial space, as it fosters deep collaboration between the two industry giants, enabling them to build on existing financial infrastructure.
After a flurry of development activities last year, building relationships with regulators is more critical for SDF now than ever. Therefore, its inclusion in the CFTC’s committee will further strengthen the push for wider use of blockchain technology.
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