- Paxos CEO warns U.S. risks losing financial influence without blockchain and stablecoin regulations.
- Cascarilla calls for bipartisan action, urging stablecoin policy to maintain U.S. competitive edge in finance.
- Blockchain tech could boost U.S. financial inclusion, but regulatory support is essential.
Paxos CEO Charles Cascarilla penned an open letter to Vice President Kamala Harris and former President Donald Trump. According to him, digital asset reforms are required to safeguard America’s role in the global finance sector. Without proper regulations, Cascarilla points out that the U.S. is in danger of losing its competitive advantage.
Solution for Financial Inclusivity
Cascarilla highlights that blockchain and stablecoins could transform the financial system. He says while smartphones are on the rise, millions still do not have proper access to banking services.
Stablecoins, backed by the U.S. dollar, offer a path toward greater financial inclusion. Cascarilla describes them as a vital update to the payment system. He adds that they could reshape how money moves, expand participation in the global economy, and secure the U.S. dollar’s strength.
Regulatory Challenges and Global Competition
The CEO also raises concerns about U.S. regulatory obstacles. He cites incidents of regulatory overreach and restrictive banking policies. These issues, he notes, have pushed companies like Paxos to consider moving operations abroad.
Nations like Singapore and the UAE, where regulatory frameworks support blockchain, are becoming attractive alternatives.
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Cascarilla believes the U.S. stands to lose talent, capital, and innovation if regulations remain restrictive. He calls for bipartisan support to establish a clear framework for stablecoins. Such a framework, he argues, is essential to maintaining America’s influence in global finance.
A Call for Constructive Policy Approaches
Cascarilla closes his letter by urging collaboration with the incoming administration. He insists the US needs to take a balanced approach to digital assets to maintain its lead in finance.
He believes that if America adopts such policies, it can ultimately reassert its place in the world as an economic power and adjust to the changing financial reality.
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