Source: Blockchain Knights
In an open letter to Vice President Kamala Harris and former President Donald Trump, Paxos CEO and co-founder Charles Cascarilla stated: "America's financial leadership will depend on whether the next presidential administration embraces digital assets and reforms outdated financial regulations."
Cascarilla urged the two politicians to understand the potential of blockchain and stablecoins in the US financial system.
At the same time, Cascarilla warned that without a supportive regulatory environment, the United States is likely to lose its competitive advantage in the global financial sector.
Cascarilla further emphasized that while smartphone adoption has surged, banking services remain limited, with 20% of Americans and 40% of the global population still unbanked or underbanked.
Cascarilla pointed out that blockchain paired with stablecoins offers a solution to create a more transparent and inclusive financial system. Cascarilla stressed that digital assets are “rebuilding the financial system” to enable it to operate on the internet in a “safe, secure and transparent way.” Cascarilla added: “Stablecoins or digital dollars (dollars digitized through blockchain technology) are an important upgrade to the payment system that will revolutionize currency circulation, allow people to participate more in the global economy, and ensure the dollar’s dominance in the coming years.” Cascarilla expressed frustration with the growing regulatory challenges in the United States, noting that “over-regulatory” incidents and complex banking policies are not conducive to economic development.
At the same time, these unfavorable factors have prompted other companies such as Paxos to consider moving their operations to countries such as Singapore and the UAE, where regulatory frameworks are conducive to financial innovation.
In his letter, Cascarilla stressed that American jobs, capital, and technological expertise will be lost to jurisdictions that actively support blockchain applications.
Cascarilla called for bipartisan support for the establishment of a stablecoin framework, arguing that such reforms will help maintain the United States’ influence in the global financial sector and are critical to ensuring economic competitiveness.
Finally, Cascarilla called for greater government cooperation in the next administration, emphasizing that this is a “critical moment for financial innovation” and that a “constructive policy approach” to blockchain and digital assets will strengthen the United States’ economic leadership and “demonstrate America’s leadership in digital assets.”