Paxos CEO Charles Cascarilla recently released a filing letter For both Republican and Democratic candidates Donald Trump and Kamala Harris, highlighting the critical role the next presidential administration will play in determining America’s position in the global financial and cryptocurrency landscape.
Paxos CEO calls for modern financial infrastructure
Cascarella explained that the global financial system is “outdated and ineffective,” calling for a re-evaluation of how… Financial services It works. He pointed out that although the economy is developing rapidly through technology and the Internet, traditional banking services have lagged behind.
Notably, he highlighted that 20% of the US population and 40% of the global population remain unbanked or underbanked, despite the widespread adoption of smartphones – 95% of Americans and 70% of the global population own One now.
“Now is the opportunity to rethink how innovation can unravel the layers of financial uncertainty, complexity and risk holding our economy back,” Cascarella said, calling for a modern financial infrastructure.
According to Cascarella, Blockchain technology Digital assets are reshaping the financial system, enabling it to operate safely and transparently online.
He stressed the importance of stablecoins – the digital representation of the US dollar using blockchain technology – as essential upgrades to the payment system. “This is not a distant, hypothetical future. This is happening now,” he stressed, stressing the urgent need for regulatory clarity.
Bipartisan cooperation is needed to address regulatory issues
In the letter, Cascarella highlighted that Paxos was the first company in the US to obtain a limited-purpose fiduciary charter from the New York Department of Financial Services in 2015. Paxos has also led the issuance of USD-backed stablecoins that are “subject to prudential regulation,” according to the CEO.
Despite these developments, Cascarella lamented that the United States has become increasingly “inhospitable” to financial innovation. Many mentioned Examples Regulatory abuses, onerous banking policies, and unnecessary legal proceedings have hindered the growth of Paxos and its peers.
Cascarella believes this “hostile environment” has forced many companies to seek regulatory clarity outside the US, with international jurisdictions such as Singapore, the UAE and the EU taking advantage of “US mistakes” by strengthening supportive regulatory frameworks.
“If US regulators, policymakers, Congress and the next administration fail to support blockchain and Adoption of digital assetsHe warned that the future of our financial industry is at risk. Cascarella noted that without constructive policies, capital, jobs and expertise will inevitably migrate to areas with clearer regulations.
In his closing remarks, Cascarilla expressed his hope for bipartisan cooperation in addressing the current regulatory landscape. “Fortunately, there is bipartisan interest in fixing this broken status quo,” he noted.
The Paxos CEO also stated that he looks forward to collaborating with the incoming administration and lawmakers from both parties to develop a stablecoin framework designed to drive innovation and reassert US leadership in digital assets.
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