CFTC’s opinion on the regulation of the digital assets market
Following the relaunching of the Global market Advisory committee, it happens to be the Commodity Futures Trading Commission (CFTC) has decided to gather all of its attained knowledge and experience through the years and arrive at the table for discussions related to the proper ways of bringing about regulations in terms of the digital assets market. What seems to speak volumes regarding the significance of blockchain and crypto, where the future of the U.S. markets is concerned, can be gauged from the way it is being treated as a top priority by GMAC.
It will happen to be the Stellar Development Foundation which will be amongst the four identified crypto-oriented firms and also the sole one to be speaking for a blockchain. It will be engaging with other conventional outfits like J.P. Morgan, Goldman Sachs, and others. Commissioner Pham will be in the top seat. The role of GMAC, however, will remain in the overall guidance of the Commission. All of the factors to be discussed will be in relation to the wholesomeness of the U.S. markets, together with all of the U.S.-based organizations functioning globally.
They are being brought into the Committee to spell out the fact that there happens to be an apparent connection between them and the U.S. markets. It also endorses their viewpoint that more and varied players are necessary for the forming of a more effective consortium. Besides this, it also creates a chance for the organization to be involved in all of the relevant discussions and assist them in getting the necessary answers.
Being the only blockchain where the Committee is concerned, there will be the opportunity of introducing Layer 1 protocols and all connected applications in terms of this technology. In its turn, stablecoins happen to be one of the most intrinsic applications considering the priority accorded to settlements. SDF will then be focussing on stablecoins connected to the digital assets market, along with real-time use cases.
In the opinion of SDF, blockchain, together with conventional finance, need to join hands and make certain the workings are interoperable as well as uninterrupted. It will also open the doors for conventional finance and blockchain to collect all of the necessary answers related to the overall comfort of the U.S. markets.
However, the vision wants that traditional finance and blockchain are able to function properly and together. It will help blockchain and conventional finance to find some suitable prospects in the near future.
At this point in time, it supposedly is imperative for SDF to be engaging in further ways with government agencies, all for the betterment of the overall blockchain industry, along with theirs. Similarly, the other critical thing is the engagement of the SDF with government agencies. It is an endeavor to push the industry toward mainstream adoption.
