Paxos CEO Charles Cascarilla recently issued a letter to both Republican and Democratic candidates Donald Trump and Kamala Harris, highlighting the critical role the next presidential administration will play in determining America’s position in the crypto and global financial landscape.

Cascarilla articulated that the global financial system is “outdated and inefficient,” calling for a reevaluation of how financial services operate. He pointed out that while the economy has rapidly evolved through technology and the internet, traditional banking has lagged behind. 

Notably, he highlighted that 20% of the US population and 40% of the global population remain unbanked or underbanked, despite the widespread adoption of smartphones—95% of Americans and 70% of the global population now own one.

“Now is the opportunity to rethink how innovation can unravel the layers of financial opacity, complexity, and risk that are holding back our economy,” Cascarilla stated, advocating for a modernized financial infrastructure.

According to Cascarilla, blockchain technology and digital assets are reshaping the financial system, enabling it to function securely and transparently over the internet. 

He underscored the importance of stablecoins—digital representations of US dollars using blockchain technology—as essential upgrades for the payment system. “This is not a far-off and hypothetical future. It is happening right now,” he asserted, emphasizing the urgency for regulatory clarity.

In the letter Cascarilla highlighted that Paxos is the first company in the US to receive a limited purpose trust charter from the New York Department of Financial Services in 2015. Paxos has also led the issuance of US dollar-backed stablecoins that are “prudentially regulated,” according to the CEO

Despite these advancements, Cascarilla lamented that the US has become increasingly “inhospitable” to financial innovation. He cited numerous examples of regulatory overreach, burdensome banking policies, and unnecessary legal actions that have hindered the growth of Paxos and its peers. 

Cascarilla believes that this “hostile environment” has compelled many companies to seek regulatory clarity outside the US, with international jurisdictions like Singapore, the UAE, and the European Union capitalizing on “US missteps” by fostering supportive regulatory frameworks.

“If U.S. regulators, policymakers, Congress, and the next administration fail to support blockchain and digital asset adoption, the future of our financial industry is at risk,” he warned. Cascarilla noted that without constructive policies, capital, jobs, and expertise would inevitably migrate to regions with clearer regulations.

In his closing remarks, Cascarilla expressed hope for bipartisan cooperation in addressing the current regulatory landscape. He noted, “Thankfully, there is bipartisan interest in fixing this broken status quo.” 

Paxos CEO also stated that he looks forward to collaborating with the next administration and lawmakers from both parties to develop a stablecoin framework designed to drive innovation and reaffirm US leadership in digital assets.

Featured image from DALL-E, chart from TradingView.com

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