In an open letter to Vice President Kamala Harris and former President Donald Trump, Paxos CEO and co-founder Charles Cascarilla warned that America's monetary management relies on the subsequent presidential administration embracing digital belongings and reforming outdated monetary rules.
Cascarilla urged each political figures to acknowledge the potential of blockchain and stablecoins to modernize the US monetary system, warning that with out a supportive regulatory atmosphere, the nation dangers shedding its aggressive edge in world finance.
He additional highlighted that whereas smartphone adoption has soared, entry to banking stays restricted, with 20% of Individuals and 40% of the worldwide inhabitants nonetheless unbanked or unbanked. He famous that blockchain, paired with US dollar-backed stablecoins, gives an answer and creates a extra clear, inclusive monetary system.
Cascarilla emphasised that digital belongings are “reshaping the monetary system” in order that it could function on the Web in a “secure, safe and clear method.” added:
“Stablecoins or digital {dollars} – US {dollars} digitized utilizing blockchain expertise – are a elementary enchancment to the cost system that may revolutionize the motion of cash, allow better inclusion within the world economic system and make sure the supremacy of the US greenback for years to return.”
Cascarilla expressed frustration with mounting regulatory points within the US, pointing to incidents of “regulatory overreach” and sophisticated banking insurance policies which have prompted Paxos and different companies to contemplate relocating operations to nations equivalent to Singapore and the United Arab Emirates, the place regulatory frameworks encourage monetary innovation.
Cascarillo's letter emphasised that the US will lose jobs, capital and technological experience to jurisdictions that actively promote blockchain adoption. He referred to as for bipartisan help for a stablecoin framework, saying such reforms are very important to sustaining American affect in world finance and guaranteeing financial competitiveness.
In closing, Cascarilla referred to as for cooperation with the subsequent administration, stressing {that a} constructive coverage method to blockchain and digital belongings will strengthen US financial management and “show US management in digital belongings” at a crucial second in monetary innovation.
