In an open letter to Vice President Kamala Harris and former President Donald Trump, Charles Cascarilla, CEO and co-founder of Paxos, said in an open letter to Vice President Kamala Harris and former President Donald Trump that he believes the incoming presidential administration will embrace digital assets and eliminate outdated financial He warned that it all depends on whether regulations are reformed.
Cascarilla urged both politicians to recognize the potential of blockchain and stablecoins to modernize the U.S. financial system, and without a supportive regulatory environment the U.S. risks losing its competitiveness in global finance. I was warned that there would be.
He further added that while smartphone penetration has skyrocketed, access to banking remains limited, with 20% of Americans and 40% of the world's population remaining unbanked or underbanked. He emphasized that he did not use the . He pointed out that blockchain, combined with stablecoins backed by the US dollar, could provide a solution and create a more transparent and inclusive financial system.
Cascarilla stressed that the bank is “replatforming the financial system” so that digital assets can operate on the internet in a “safe, secure and transparent manner.” He added:
“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.”
Cascarilla expressed dissatisfaction with growing regulatory challenges in the United States, pointing to incidents of “overregulation” and complex banking policies, and said Paxos and other companies are struggling to find a place in Singapore or other countries where the regulatory framework fosters financial innovation. He pointed out that the company is now considering relocating its business to countries such as the UAE.
Cascarilla's letter emphasized that the United States stands to lose jobs, capital, and technical expertise to jurisdictions that actively support blockchain adoption. He called for bipartisan support to establish a stablecoin framework, arguing that such reforms are essential to maintaining U.S. influence in global finance and protecting economic competitiveness.
In closing, Mr. Cascarilla appealed for cooperation with the incoming administration, saying that a constructive policy approach to blockchain and digital assets will strengthen U.S. economic leadership, and that “U.S. He emphasized that he would “prove it.”
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