Blog Article
Representing Blockchain on the Commodity Futures Trading Commission’s Global Market Advisory Committee
Author
Jason Chlipala
Publishing date
CTFC
With the recent relaunch of its Global Market Advisory Committee, the Commodity Futures Trading Commission (CFTC) is bringing its leadership and expertise to the discussion of the appropriate regulation of digital asset markets. The inclusion of digital asset markets in the GMAC’s priorities demonstrates the importance of blockchain and crypto to the future of U.S. markets. The Stellar Development Foundation will be one of the four crypto-focused organizations – and the only one representing a blockchain – to join representatives from traditional finance players such as J.P. Morgan, Goldman Sachs, and BlackRock. With Commissioner Pham at the helm, the GMAC will guide the Commission on issues that affect the integrity and competitiveness of U.S. markets and U.S. firms engaged in global business.
Our inclusion in the Committee marks another important moment for blockchain. It further acknowledges that the future of U.S. markets and our industry are connected. It also underscores the CFTC's commitment to building a diverse consortium representing more than just traditional finance players.
Second, it presents an opportunity for our industry to continue to participate in conversations that will inform future regulatory structures and clarity. Clear rules of the road and smart policy can help unleash our sector, and we must be in the room with policymakers and regulators to help achieve that.
So what do we hope to accomplish?
As the only blockchain represented on the Committee, we hope to bring the unique perspective of Layer 1 protocols and what it means to be the underlying infrastructure responsible for supporting and bringing to life so many promising applications of the technology.
With remittances being one of the brightest spots in crypto today, one of the most critical applications is stablecoins. 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 through Stellar Aid Assist.
We are also particularly excited to join the many traditional finance players on the Committee. At SDF, blockchain's future is not to supplant traditional finance but to build on top of and work with the system we've already created. This vision requires blockchain and traditional finance to work together and to ensure the systems are interoperable to work as seamlessly as possible. This body will serve as an excellent opportunity for conventional finance and blockchain to find the present and future prospects for integration to ensure the integrity and competitiveness of U.S. markets.
After an active 2022, SDF's engagement with government agencies is more critical than ever. Our inclusion in the CFTC's GMAC is yet another opportunity to push the industry toward mainstream adoption. I look forward to the work ahead of us under Commissioner Pham's leadership and the chance to represent blockchain technology and our industry.