U.S. Lawmakers to Debate Stablecoin Regulation

According to PANews, U.S. lawmakers are set to engage in a heated debate over stablecoin regulation, with key industry leaders expected to outline their visions for the future of digital asset oversight. Charles Cascarilla, co-founder and CEO of stablecoin issuer Paxos, plans to testify before the House Financial Services Committee, urging legislators to establish 'cross-jurisdictional reciprocity' in stablecoin regulation. In his prepared testimony, Cascarilla expressed concerns about existing barriers to the adoption of Paxos' stablecoin USDG, which is issued through a regulated affiliate in Singapore. He noted, 'We are worried that products like Paxos Global Dollar Stablecoin, issued by a regulated affiliate in Singapore, will face challenges as decisions are made across departments and agencies.' Cascarilla recommended that U.S. lawmakers enhance current 'international reciprocity provisions,' including setting a clear timeline for the U.S. Treasury to designate overseas jurisdictions for stablecoin regulation. He stated, 'This timeframe will compel swift action, prevent bureaucratic delays, and ensure a thorough review of foreign regulatory regimes.'