In an open letter to Vice President Kamala Harris and former President Donald Trump, Paxos CEO and co-founder Charles Cascarilla urged leading candidates to back the US dollar. He called for attention to stablecoins.
“Blockchain and digital assets are replatforming the financial system so that it can operate over the internet in a safe, secure and transparent manner,” he said.
“Stablecoins or digital dollars (US dollars digitized through blockchain technology) will revolutionize the movement of money, enable greater participation in the global economy, and ensure the dominance of the US dollar for years to come.” This is an important upgrade to our payment system to ensure security.”
Stablecoins are cryptocurrencies that are pegged to stable assets such as the US dollar, reducing volatility. They offer the benefits of blockchain with monetary stability and help with transactions, money transfers, and stores of value in the digital economy.
The CEO said the next presidential administration will be critical in determining whether the U.S. can maintain its position as a global financial leader or risk becoming a “rust belt of financial services.” He warned that he would play a very important role.
Cascarilla highlights the stark contrast between the rapidly evolving global economy and the antiquated American financial system, which he describes as “closed, inefficient, and operating at the speed of the post office.”
With approximately 20% of the U.S. population and 40% of the world’s population unbanked or underbanked, he emphasized the urgent need to rethink the industry’s approach to financial inclusion. I am.
The letter notes that 95% of Americans and 70% of the world’s population have adopted smartphone technology at an impressive rate, presenting a significant opportunity for innovation for the financial sector.
Cascarilla argued that with more people owning a smartphone than a bank account, now is the time to leverage technology to make financial transactions more transparent and efficient.
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Reflecting on the U.S. government’s treatment of Paxos, Cascarilla said the U.S. has become increasingly unreceptive to financial innovation.
He cited numerous examples of regulatory overreach and unnecessary legal challenges that hinder industry growth, forcing companies like Paxos to pursue transparency and opportunities outside of U.S. borders. said.
Amid this hostility, he warned that international jurisdictions such as Singapore and the UAE that are rapidly embracing blockchain technology are a sign that the United States is at risk of losing its competitive edge.
He stressed that without a supportive regulatory environment, capital, jobs and expertise will flow to countries that offer clearer and more constructive policies towards digital assets.
He called for bipartisan cooperation to address these challenges. He advocated the development of a stablecoin framework that fosters innovation while asserting U.S. leadership in the digital asset space. Such reforms are considered essential to the future of American finance and the maintenance of economic vitality.
