On Monday, Paxos co-founder and CEO Charles Cascarilla called for increased U.S. support for blockchain technology in an open letter to Vice President Kamala Harris and former President Donald Trump. He outlined the need for the United States and warned that America’s financial leadership could be at risk.
Paxos is a regulated fintech company that primarily works with financial institutions to provide blockchain infrastructure for managing digital assets. Founded in 2012, Paxos is known for issuing stablecoins such as Pax Dollar (USDP) and PayPal USD (PYUSD), both of which are pegged to the US dollar and offer security and transparency. It is backed by reserves for increasing gender. The company also offers same-day settlement services for stock trades, allowing banks and brokerages to complete transactions more efficiently.
Additionally, Paxos provides crypto brokerage solutions that power crypto services for companies like PayPal and Revolut, giving customers access to securely buy, sell, and store digital assets. It also provides secure storage and tokenization services, allowing real-world assets to be represented on the blockchain.
Cascarilla said America’s traditional financial system is “closed, outdated and inefficient,” and likened its pace to that of the postal system in today’s rapidly changing digital economy. He emphasized that blockchain presents a way forward by providing a more accessible, transparent and secure way to conduct financial transactions.
Cascarilla noted that despite the proliferation of smartphones, more than 20% of Americans and 40% worldwide remain unbanked or underbanked. He said blockchain and digital assets, particularly stablecoins or “digital dollars,” provide important updates to payments infrastructure and enable broader participation in the economy while strengthening the U.S. dollar’s global standing. Ta. According to Cascarilla, this change is no longer theoretical. It’s already rolled out.
As Paxos CEO, Cascarilla urged both candidates to support a welcoming and clear regulatory framework for digital assets. He pointed out that Paxos, a leader in tokenization and blockchain infrastructure, has adhered to strict regulatory guidelines since its inception. He pointed out to Harris and Trump that in 2015, Paxos became the first digital asset company in the United States to secure a limited purpose trust charter from the New York Department of Financial Services.
However, Cascarilla expressed concerns about regulatory “overreach” in the United States, which he argued has led Paxos and its peers to seek clearer regulatory paths in other countries. He said regions such as Singapore, the UAE and the European Union have established productive regulatory regimes, positioning them as hubs for blockchain advancement.
In his closing remarks, Mr. Cascarilla encouraged bipartisan cooperation on a stablecoin framework to reaffirm U.S. leadership in digital finance. Without such changes, jobs, capital and blockchain expertise could increasingly be moved offshore, weakening America’s economic competitiveness and security, he warned.
Featured image via Pixabay
