The prominent rival of Ripple, the Stellar Development Foundation (SDF), is set to play a key role in shaping the regulatory landscape of digital assets in the United States. The blockchain organization has been selected as a member of an advisory committee to the U.S. CFTC.
As per the SDF blog post, recently, the Commodity Futures Trading Commission (CFTC) has taken a significant step toward regulating digital asset markets by relaunching its Global Market Advisory Committee (GMAC).
The inclusion of digital asset markets in the GMAC’s priorities highlights the growing significance of blockchain and crypto in the future of U.S. markets. Among the four crypto-focused organizations appointed to the Committee, Ripple’s rival, Stellar Development Foundation, stands out as the only representative of the blockchain industry.
According to the statement:
Our inclusion in the Committee marks another important moment for blockchain. It further acknowledges that the future of U.S. markets and our industry are connected. It also underscores the CFTC’s commitment to building a diverse consortium representing more than just traditional finance players.
SDF highlighted that being part of the Committee is a chance for them to be involved in discussions that shape future regulations and guidelines. They believe that well-defined regulations and policies can lead to growth in their sector, and it is important for them to be present when decisions are made by policymakers and regulators to achieve this.
Ripple Rival’s Stellar Plans For Unique Perspective Of Layer 1 Protocols
According to the blog post, as the only blockchain represented on the Committee, SDF aims to bring a unique perspective on Layer 1 protocols and their role as the underlying infrastructure supporting promising applications of blockchain technology.
Additionally, as part of the Committee, SDF will also focus on the use of stablecoins in digital asset markets and real-world scenarios, including utilizing stablecoins for humanitarian aid through Stellar Aid Assist.
SDF is also eager to collaborate with traditional finance players on the Committee, as they believe that blockchain’s future lies in working with and building upon existing systems rather than replacing them.
Additionally, it requires interoperability between blockchain and traditional finance to ensure seamless integration and competitiveness in U.S. markets. The blog post stated that the Committee serves as a valuable platform for conventional finance and blockchain to explore potential partnerships and opportunities for integration.
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