Paxos CEO Charles Cascarilla recently released a letter to both Republican and Democratic candidates Donald Trump and Kamala Harris, highlighting the critical role the next presidential administration will play in defining America’s position in the crypto and global financial landscape.
Paxos CEO advocates modern financial infrastructure
Cascarilla said the global financial system is “outdated and inefficient” and called for a reevaluation of how financial services operate. He pointed out that while the economy has evolved rapidly with technology and the Internet, traditional banking has fallen behind.
In particular, he highlighted that 20% of the US population and 40% of the world’s population still have few or no bank accounts, despite the widespread adoption of smartphones – 95% of Americans and 70% of the world’s population now own one.
“This is an opportunity to rethink how innovation can unravel the layers of financial opacity, complexity and risk that hold our economy back,” said Cascarilla, calling for a modernized financial infrastructure.
According to Cascarilla it is blockchain technology and digital assets are reshaping the financial system, allowing it to function securely and transparently over the internet.
He underscored the importance of stablecoins – digital representations of US dollars using blockchain technology – as essential upgrades to the payment system. “This is not a distant and hypothetical future. It is happening now,” he asserted, emphasizing the urgency of clear regulations.
Bipartisan cooperation needed to address regulatory issues
In the letter, Cascarilla highlights that Paxos is the first company in the US to receive a limited purpose trust charter from the New York Department of Financial Services in 2015. Paxos has also led the issuance of US dollar-backed stablecoins that are “prudentially regulated,” according to the CEO
Despite these advances, Cascarilla lamented that the US has become increasingly “inhospitable” to financial innovation. He quoted numerous ones examples of excessive supervision, burdensome banking policies and unnecessary legal actions that have hindered the growth of Paxos and its peers.
Cascarilla believes that this ‘hostile environment’ has forced many companies to seek regulatory clarity outside the US, with international jurisdictions such as Singapore, the UAE and the European Union taking advantage of ‘US missteps’ by promoting supportive regulatory frameworks .
“If U.S. regulators, policymakers, Congress and the next administration fail to support blockchain and… adoption of digital assetsThe future of our financial sector 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 current regulatory landscape. He noted: “Fortunately, there is mutual interest in restoring this broken status quo.”
The Paxos CEO also stated that he looks forward to working with the next 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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