Have you ever wondered what would happen if the financial system became as wild as the crypto market? If so, you might understand why Charles Cascarilla, CEO of Paxos, is urgently demanding clear regulations for stablecoins. His words aren’t just raising questions – they’re sounding the alarm that the U.S. could be falling woefully behind in the global race for crypto innovation.

Bipolar and Stablecoins:

Cascarilla is reaching out to two key political figures at once: Donald Trump and Kamala Harris. What’s his strategy? He wants to engage both sides, turning the stablecoin issue into something more than just a toy for crypto enthusiasts. This isn’t just a plea for rules — it’s a call to unite for a new economy. Interesting, huh? But let’s dig deeper.

Why do we need "clear" rules at all?

First, let's define what a stablecoin is. It's a digital asset that's pegged to a real currency, like the US dollar, and is supposed to be more stable than traditional cryptocurrencies like Bitcoin or Ethereum. Stablecoins provide stability like an anchor in a storm, allowing traders to sleep soundly at night knowing their asset won't drop 50% in an hour.

But here's the problem: when there are no clear rules in a country, all sorts of crypto chaos arises. Endless thefts, fraud, shocking "skins" and other delights of financial anarchism - all these are real threats, from which, in the end, the economy and the ordinary investor suffer. Will scammers use your stablecoins? There is a possibility. As the saying goes, "no law, no order."

Is the US falling behind the rest of the world?

Now stablecoins are officially regulated in countries like Singapore and Switzerland, while the US is... stalling. And while the largest US companies in crypto continue to grow, regulators are asleep. Technically, the US hasn't abandoned the crypto market, but they are moving towards regulation like an elephant in a china shop. According to Cascarilla, if America continues to play "who will fall asleep first," it may lose its position in the global crypto arena.

Here are the numbers: Global stablecoin trading volume will exceed $7 trillion in 2022. And that's just the beginning. If regulation continues to be this slow, it's unlikely to stay afloat.

What role does Paxos want to play in these changes?

Cascarilla is certainly not an altruist, and Paxos is not fighting for the beauty of the world here either. Paxos sees that without standards, the stablecoin industry will be as chaotic as it is now. Look, if Paxos and other crypto companies can adapt to uniform rules, they will finally be able to invest more, develop and improve their products without fear of being shut down tomorrow.

Paxos wants those same "restrictive" rules that crypto companies usually try to bypass. Freedom is the main slogan, but here's the paradox: even crypto fans understand that without restrictions, you can remain a victim and become another illustration of the fact that "freedom requires responsibility."

The question now, of course, is whether Trump and Harris will listen to Cascarilla. Will the political system be flexible enough to regulate, but not destroy, innovation?