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The company behind XRP rival Stellar (XLM) will represent the digital asset industry at the Global Markets Advisory Council (GMAC) reinstated by the Commodity Futures Trading Commission (CFTC).
in a new company blog postthe Stellar Development Foundation said it will be one of four crypto-related companies to join the committee, along with traditional finance representatives.
GMACs inclusion of the digital asset market in its priorities demonstrates the importance of blockchain and crypto to the future of the US market.
The Stellar Development Foundation is one of four crypto-focused organizations and the only one to represent blockchain and traditional financial players such as JP Morgan, Goldman Sachs, and BlackRock. will join the person.
Stellar says it hopes to bring a unique perspective on Layer 1 protocols to the table as it is the only company representing blockchain on the committee.
The company also says it has no intention of stealing traditional finance and plans to work closely with the sector and build on it.
At SDF, the future of blockchain is not to replace traditional finance, but to build on and work with the systems we have already created. and ensure that the systems are interoperable and work as seamlessly as possible.
The institution serves as a golden opportunity for traditional finance and blockchain to find current and future convergence prospects to ensure the integrity and competitiveness of the US market. “
XLM is trading at $0.92 at the time of writing, up around 8% over the last 24 hours.
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