Stellar appointed as new CFTC blockchain advisor

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Crypto Regulation
Stellar appointed as new CFTC blockchain advisor

The Stellar Development Foundation is reportedly going to become a member of a new advisory board established by the United States Commodity Futures Trading Commission.

The CFTC will get guidance from the SDF about blockchain technology and digital assets as the SDF takes on a leadership role in the new body.

Representatives from Stellar, the Chamber of Digital Commerce, Uniswap Labs, and CoinFund will also lend their voices in favor of the developing digital economy.

On the other hand, Stellar will be the only entity that can steer the blockchain in the desired direction.

Why Stellar? 

Stellar itself is signaling confidence for fruitful cooperation with leaders of traditional financial markets, as J.P. Morgan, Goldman Sachs, and BlackRock have joined the Global Market Advisory Committee.

Stellar (XLM), a decentralized supplier of international money transfers, has expressed a desire to devote a great deal of attention to the issue of remittances and stablecoins

At this time, the Stellar Development Foundation (SDF) plans to talk about stablecoins on the digital asset market and their usage in the real world, such as providing assistance to those in need as part of their effort called Stellar Aid Assist.

Stellar is building bonds with CFTC while ripple battles it out with the SEC

Ironically, the scenario between Ripple and the SEC in the other corner seems to be almost the exact opposite of what is going on here, which is a bit of a head-scratcher.

Ripple is now involved in a legal struggle with the SEC. This is despite the fact that Stellar and the key participants in traditional banking control cryptocurrency regulation under the aegis of the CFTC.

Here we have two enterprises competing with one another, two regulatory authorities working against one another, and two quite distinct situations.

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Brenda Mary

Brenda Mary is a crypto enthusiast and a graduate of The University of Nairobi in economics. Brenda’s passion brings her back to her elementary school years as a poet. She enjoys discussing blockchain technology and is committed to producing original content. Brenda also covers other rapidly developing markets and economic and cryptocurrency studies.