The firm behind XRP competitor Stellar (XLM) will represent the digital asset industry in the Commodity Futures Trading Commission’s (CFTC) relaunched Global Market Advisory Committee (GMAC).
In a new company blog post, the Stellar Development Foundation says it will be one of four crypto-related firms to join the committee alongside representatives of traditional finance.
“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.”
Stellar says that since they are the only firm on the committee representing blockchain, they hope to bring the unique perspective of layer-1 protocols to the table.
The firm also notes that it doesn’t plan to usurp traditional finance, but rather work closely with the sector and build on top of it.
“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.”
XLM is changing hands for $0.92 at time of writing, about an 8% gain during the last 24 hours.
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Source: https://dailyhodl.com/2023/01/22/foundation-behind-xrp-rival-stellar-xlm-tapped-for-position-on-new-cftc-advisory-committee/