The CEO of blockchain infrastructure firm Paxos, Charles Cascarilla, issued an open letter to Vice President Kamala Harris and Former President Donald Trump on Tuesday, urging immediate regulatory reforms to support blockchain and digital assets in the U.S.

Cascarilla warned that the U.S. financial system is “closed, outdated and inefficient” and risks falling behind global competitors. Emphasizing the importance of modernizing finance, he said:

This industry is vital to the U.S., yet it operates at the speed of the post office while the rest of the economy has rapidly innovated by successfully using technology and the internet.

The executive highlighted that nations like Singapore and the European Union have implemented regulatory frameworks that support blockchain development, pushing the U.S. to reform or lose its competitive edge.

Cascarilla advocated for clear, supportive policies for digital assets to ensure the U.S. remains an economic leader. His letter reads:

I urge you to implement a more welcoming and clearly defined regulatory environment for digital assets. That is how we will ensure that America remains the world’s largest and most innovative economy.

“Despite our regulatory-first approach, the U.S. has become an inhospitable place for financial innovation,” the Paxos chief continued, citing restrictive policies and regulatory overreach. He warned that without decisive action from “U.S. regulators, policymakers, Congress and the next administration,” the nation’s financial industry could be at risk. Cascarilla encouraged bipartisan support to craft a stablecoin framework that would solidify U.S. leadership in digital finance and secure its economic future.

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