Cascarilla warned that without a supportive regulatory environment, the United States is likely to lose its competitive edge in the global financial arena.

Source: cryptoslate

Translation: 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of the United States will depend on whether the next presidential administration embraces digital assets and reforms outdated financial regulations."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 United States is likely to lose its competitive edge in the global financial arena.

Cascarilla further emphasized that while the adoption of smartphones has surged, 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 offers a solution to create a more transparent and inclusive financial system.

Cascarilla stressed that digital assets are "rebuilding the financial system," enabling it to operate on the internet in a "safe, reliable, and transparent manner."

Cascarilla added, "Stablecoins or digital dollars (dollars digitized through blockchain technology) are a significant upgrade to the payment system that will fundamentally change the circulation of currency, allowing more people to participate in the global economy and ensuring the dominance of the dollar in the coming years."

Cascarilla expressed frustration over the increasingly stringent regulatory challenges in the U.S., pointing out that "overregulation" and complex banking policies are detrimental to economic development.

At the same time, 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 emphasized in the letter that jobs, capital, and technical expertise in the U.S. 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 the U.S.'s influence in the global financial arena and are crucial for safeguarding economic competitiveness.

Finally, Cascarilla urged the next administration 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 America's economic leadership and "demonstrate U.S. leadership in digital assets."

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