In an open letter to Vice President Kamala Harris and former President Donald Trump, Paxos CEO and co-founder Charles Cascarilla warned that America’s financial leadership depends on whether the next presidential administration embraces digital assets and reforms outdated financial regulations.
Cascarilla urged both political figures to recognize the potential of blockchain and stablecoins to modernize the U.S. financial system, warning that without a supportive regulatory environment, the country risks losing its competitive advantage in global finance.
He further emphasized that while smartphone adoption has increased dramatically, access to banking remains limited, with 20% of Americans and 40% of the world’s population still unbanked or underbanked. He noted that blockchain, combined with US dollar-backed stablecoins, provides a solution and creates a more transparent, inclusive financial system.
Cascarilla emphasized that digital assets were “reshaping the financial system” so that it could operate in a “safe, secure and transparent manner” on the internet. He added:
“Stablecoins or digital dollars – US dollars digitized via blockchain technology – are the crucial payment system upgrade that will revolutionize the movement of money, enable greater participation in the global economy and ensure the supremacy of the US dollar for the foreseeable future. will ensure for years.”
Cascarilla expressed frustration over increasing regulatory challenges in the US, pointing to incidents of “overreaching regulation” and complex banking policies, which have prompted Paxos and other companies to move their operations to countries such as Singapore and the UAE, where regulatory frameworks hinder financial innovation promote.
Cascarilla’s letter emphasized that the US will lose jobs, capital and technological expertise to jurisdictions that actively support blockchain adoption. He called for bipartisan support to establish a stablecoin framework, arguing that such reforms are critical to maintaining America’s influence over global finance and securing economic competitiveness.
In closing, Cascarilla appealed for cooperation with the next administration, emphasizing that a constructive policy approach to blockchain and digital assets would strengthen U.S. economic leadership and “demonstrate U.S. leadership in digital assets” at a crucial moment in financial innovation.