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Stellar developers will be the sole representatives of blockchain technology on the CTFC advisory board
The Stellar Development Foundation (SDF) will become a member of the Global Markets Advisory Committee (GMAC) of the US Commodity Futures Trading Commission (CFTC), the organization said in a blog post.
Stellar is a payment network that split from Ripple in 2014. Blockchain is used by money transfer operators MoneyGram, IBM World Wire and many other local companies around the world. As of January 20, the Stellar project cryptocurrency (XLM) ranks 29th in terms of market capitalization with a figure of $2.2 billion. SDF is an organization dedicated to the development of the Stellar ecosystem.
SDF will be one of four companies representing the cryptocurrency industry, and the only one representing blockchain technology. The crypto market will also be represented by the human rights group Chamber of Digital Commerce, the developers of Uniswap Labs and the investment fund CoinFund. From the side of traditional financial markets, the committee includes members such as JP Morgan, Goldman Sachs and BlackRock.
GMAC was established in 1998 to advise the CTFC on the competitiveness of the US markets and US firms engaged in international business. He studies global regulation issues and provides advice on international standards for financial markets.
SDF plans to pay special attention to the issue of money transfers and the role of stablecoins in the digital asset market. The organization also intends to promote the idea of the need to combine blockchain technology and traditional finance in order to achieve their maximum efficiency.
The Committee has not met since October 25, 2021. After a long break, at the beginning of this year, the next public meeting was announced – it will be held on February 13 at the CTFC headquarters in Washington (USA).
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