Paxos CEO Charles Cascarilla recently issued a letter to each Republican and Democratic candidates Donald Trump and Kamala Harris, highlighting the critical role the subsequent presidential administration will play in determining America’s position within the crypto and global financial landscape.
Paxos CEO Advocates Modern Financial Infrastructure
Cascarilla articulated that the worldwide economic system is “outdated and inefficient,” calling for a reevaluation of how financial services operate. He identified that while the economy has rapidly evolved through technology and the web, traditional banking has lagged behind.
Notably, he highlighted that 20% of the US population and 40% of the worldwide population remain unbanked or underbanked, despite the widespread adoption of smartphones—95% of Americans and 70% of the worldwide population now own one.
“Now’s the chance to rethink how innovation can unravel the layers of monetary opacity, complexity, and risk which can be holding back our economy,” Cascarilla stated, advocating for a modernized financial infrastructure.
Based on Cascarilla, blockchain technology and digital assets are reshaping the economic system, enabling it to operate securely and transparently over the web.
He underscored the importance of stablecoins—digital representations of US dollars using blockchain technology—as essential upgrades for the payment system. “This just isn’t a far-off and hypothetical future. It is going on at once,” he asserted, emphasizing the urgency for regulatory clarity.
Bipartisan Cooperation Needed To Address Regulatory Issues
Within the letter Cascarilla highlighted that Paxos is the primary company within the US to receive a limited purpose trust charter from the Recent York Department of Financial Services in 2015. Paxos has also led the issuance of US dollar-backed stablecoins which can be “prudentially regulated,” in keeping with the CEO
Despite these advancements, Cascarilla lamented that the US has turn into increasingly “inhospitable” to financial innovation. He cited quite a few examples of regulatory overreach, burdensome banking policies, and unnecessary legal actions which have hindered the expansion of Paxos and its peers.
Cascarilla believes that this “hostile environment” has compelled many firms to hunt regulatory clarity outside the US, with international jurisdictions like Singapore, the UAE, and the European Union capitalizing on “US missteps” by fostering supportive regulatory frameworks.
“If U.S. regulators, policymakers, Congress, and the subsequent administration fail to support blockchain and digital asset adoption, the long run of our financial industry is in danger,” he warned. Cascarilla noted that without constructive policies, capital, jobs, and expertise would inevitably migrate to regions with clearer regulations.
In his closing remarks, Cascarilla expressed hope for bipartisan cooperation in addressing the present regulatory landscape. He noted, “Thankfully, there may be bipartisan interest in fixing this broken established order.”
Paxos CEO also stated that he looks forward to collaborating with the subsequent administration and lawmakers from each parties to develop a stablecoin framework designed to drive innovation and reaffirm US leadership in digital assets.
Featured image from DALL-E, chart from TradingView.com