Key Points:
- The Stellar Development Foundation will be one of four crypto-focused organizations, and the only one representing a blockchain, to join officials from traditional financial institutions such as J.P. Morgan, Goldman Sachs, and BlackRock.
- The company also states that it does not intend to replace traditional finance, but rather to collaborate with it and grow on top of it.
The company behind Stellar (XLM), a rival to XRP, will represent the digital asset sector on the Global Market Advisory Committee of the newly reconstituted Commodity Futures Trading Commission (CFTC) (GMAC).
The Stellar Development Foundation, according to a recent corporate blog post, will be one of four crypto-related organizations to join the group alongside officials from traditional banking.
In particular, the inclusion of digital asset markets among GMAC objectives underscores the significance of blockchain and cryptocurrency to the future of US markets.
The Stellar Development Foundation will be one of four crypto-focused organizations, and the only one representing a blockchain, to join officials from traditional financial institutions such as J.P. Morgan, Goldman Sachs, and BlackRock.
At the time of writing, XLM is trading for $0.94, representing a 3.08% rise in the previous 24 hours.
Additionally, Stellar claims that as the sole business representing blockchain in the group, they seek to offer the unique perspective of layer-1 protocols to the table.
The company also states that it does not intend to replace traditional finance, but rather to collaborate with it and grow 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.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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