According to reports, the Stellar Development Foundation will join a new advisory council for the US Commodity Futures Trading Commission. In the new entity, the SDF will be in charge of blockchain and digital assets, advising the CFTC on these concerns.
Along with Stellar representatives, officials from the Chamber of Digital Commerce, Uniswap Labs, and CoinFund will be on the side of the new digital economy. However, Stellar will be solely responsible for the blockchain’s direction.
J.P. Morgan, Goldman Sachs, and BlackRock have also joined the Global Market Advisory Committee, indicating Stellar’s optimism for beneficial collaboration with traditional financial market representatives. Stellar (XLM), as a decentralized cross-border money transfer provider in particular, wishes to give special attention to the issue of remittances and stablecoins.
SDF intends to bring up the topic of stablecoins on the digital asset market and their uses in real life, including humanitarian relief, as part of their Stellar Aid Assist initiative on this occasion.
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 opposing situations.
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