Source: Cryptoslate
Compiled by: Blockchain Knight
In an open letter to Vice President Kamala Harris and former President Donald Trump, Paxos CEO and co-founder Charles Cascarilla stated: "America's financial leadership will depend on whether the next presidential administration embraces digital assets and reforms outdated financial regulations."
Cascarilla urged the two politicians to understand the potential of blockchain and stablecoins in the U.S. financial system.
At the same time, Cascarilla warned that without a supportive regulatory environment, the U.S. is likely to lose its competitive edge in the global financial sector.
Cascarilla further emphasized that while smartphone adoption rates have surged, banking services remain limited, with 20% of Americans and 40% of the global population still lacking banking services or being underbanked.
Cascarilla pointed out that the combination of blockchain and stablecoins provides a solution to create a more transparent and inclusive financial system.
Cascarilla stressed that digital assets are "reconstructing the financial system" to operate on the internet in a "secure, reliable, and transparent manner."
Cascarilla added: "Stablecoins or digital dollars (dollars digitized through blockchain technology) are an important upgrade to payment systems, which will fundamentally change the circulation of currency, allow people to participate more in the global economy, and ensure the dominance of the dollar in the coming years."
Cascarilla expressed frustration over the increasingly severe regulatory challenges in the U.S., noting that "regulatory overreach" and complex banking policies are detrimental to economic development.
Meanwhile, these adverse factors are prompting companies like Paxos to consider relocating their operations to countries like Singapore and the UAE, where the regulatory framework is conducive to financial innovation.
Cascarilla highlighted in the letter that America's jobs, capital, and technical expertise will flow to jurisdictions that actively support blockchain applications.
Cascarilla called for bipartisan support to establish a stablecoin framework, believing that this reform would help maintain America's influence in the global financial sector and is crucial for ensuring economic competitiveness.
Finally, Cascarilla called on the next administration to strengthen cooperation, emphasizing that now is a "critical moment for financial innovation," and adopting a "constructive policy approach" towards blockchain and digital assets will enhance America's economic leadership and "showcase America's leadership in digital assets."
