The Stellar Development Foundation will reportedly become a member of a new advisory committee to the U.S. Commodity Futures Trading Commission. The SDF will be responsible for blockchain and digital assets in the relaunched body and will guide the CFTC on these issues.
In addition to representatives from Stellar, officials from the Chamber of Digital Commerce, Uniswap Labs and CoinFund will also be on the side of the new digital economy. However, the blockchain’s direction will be exclusively overseen by Stellar.
What is it about?
Stellar itself is signaling hope for fruitful work with representatives of traditional financial markets, with J.P. Morgan, Goldman Sachs and BlackRock also joining the Global Market Advisory Committee. As a decentralized cross-border money transfer operator in particular, Stellar (XLM) wants to pay particular attention to the issue of remittances and stablecoins. On this occasion, SDF plans to raise the topic of stablecoins on the digital assets market and their applications in real life, including humanitarian aid as part of their program Stellar Aid Assist.
Ironically, the event seems almost the exact opposite of what is going on in the other corner between Ripple and the SEC. It turns out that while Stellar, together with the traditional finance giants, oversees crypto policy under the wing of the CFTC, Ripple continues to fight the SEC in court. We have two competing companies, two competing regulators and two diametrically opposed situations.