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, "The financial leadership of the United States will depend on whether the next presidential administration embraces digital assets and reforms outdated financial regulations."
Cascarilla urged the two political figures 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 arena.
Cascarilla further emphasized that while smartphone adoption is surging, banking services remain limited, with 20% of Americans and 40% of the global population still unbanked or 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 "safe, 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, enabling more people to participate in the global economy and ensuring the dominance of the dollar for years to come."
Cascarilla expressed frustration over the increasingly harsh regulatory challenges in the U.S., pointing out that "overregulation" and complex banking policies are detrimental to economic development.
Meanwhile, these adverse factors are prompting companies like Paxos to consider relocating to countries like Singapore and the UAE, where regulatory frameworks are conducive to financial innovation.
Cascarilla highlighted in the letter that U.S. jobs, capital, and technological expertise will flow to jurisdictions that actively support blockchain applications.
Cascarilla called for bipartisan support to establish a stablecoin framework, believing that such reforms would help maintain U.S. influence in the global financial arena and are crucial for safeguarding economic competitiveness.
Finally, Cascarilla urged the next government to strengthen collaboration, emphasizing that now is a "critical moment for financial innovation," and adopting a "constructive policy approach" towards blockchain and digital assets will enhance U.S. economic leadership and "showcase America’s leadership in digital assets."