As a seasoned crypto investor with over a decade of experience navigating the ever-evolving digital asset landscape, I wholeheartedly agree with Charles Cascarilla’s open letter to Vice President Kamala Harris and Former President Donald Trump. The traditional financial system is indeed antiquated and inefficient, much like my grandfather’s horse-drawn carriage seems in today’s automobile era.
On Monday, Charles Cascarilla, Co-Founder and CEO of Paxos, penned an open letter to Vice President Kamala Harris and Former President Donald Trump, emphasizing the importance of increased U.S. backing for blockchain technology. He warned that America’s financial dominance might be jeopardized if this support is not strengthened.
Paxos is a trustworthy financial technology firm that builds blockchain platforms for handling digital assets, particularly partnering with financial institutions. Established in 2012, Paxos has gained recognition for creating stablecoins like the Pax Dollar (USDP) and PayPal USD (PYUSD), which are tied to the U.S. dollar and backed by reserves to ensure stability and transparency. Additionally, they provide a rapid settlement service for stock transactions, enabling banks and brokerages to finalize trades quicker.
Additionally, Paxos delivers a cryptocurrency brokerage service that empowers companies such as PayPal and Revolut to offer their users the ability to buy, sell, and hold digital assets safely. Furthermore, it provides secure storage for these assets and tokenization services, which allow for the conversion of real-world assets into blockchain-based tokens.
Cascarilla expressed that the conventional American financial system is “restricted, outmoded, and ineffective,” comparing its speed to the pace of today’s slow postal service in our swiftly advancing digital economy. He underscored that blockchain technology offers a progressive solution by providing a more open, transparent, and secure method for handling financial transactions.
Cascarilla pointed out that despite widespread smartphone usage, more than 20% of Americans and 40% globally remain unbanked or underbanked. He mentioned that blockchain and digital assets—especially stablecoins or “digital dollars”—offer a critical update to the payment infrastructure, enabling broader participation in the economy while bolstering the U.S. dollar’s global status. According to Cascarilla, this shift is no longer theoretical; it’s already unfolding.
As the CEO of Paxos, Cascarilla encouraged both presidential candidates to advocate for a friendly and transparent regulatory environment for digital assets. He emphasized that Paxos, a pioneer in tokenization and blockchain infrastructure, has always followed stringent regulatory standards since its establishment. Moreover, he underscored to Harris and Trump that Paxos was the first U.S. digital asset firm to receive a limited purpose trust charter from the New York Department of Financial Services back in 2015.
Nevertheless, Cascarilla expressed worries about potential excessive regulation in the U.S., suggesting it has pushed companies like Paxos to explore more defined regulatory frameworks abroad. In his opinion, places such as Singapore, the UAE, and the European Union have established beneficial regulatory environments, making them attractive locations for blockchain innovation.
In his closing remarks, Cascarilla encouraged bipartisan collaboration on a stablecoin framework to reaffirm U.S. leadership in digital finance. Without such changes, he warned, jobs, capital, and expertise in blockchain could increasingly shift offshore, which could weaken U.S. economic competitiveness and security.
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2024-10-29 19:29