Paxos CEO Urges Trump and Harris to Improve Crypto Regulation
A week before the US election, Paxos CEO Charles Cascarilla urges the next presidential administration to improve its approach to cryptocurrency regulation.
In his open letter to Donald Trump and Kamala Harris, Cascarilla reiterates known concerns as voters prepare to cast their ballots. Stripe's recent $1.1 billion acquisition of Bridge highlights mainstream recognition of stablecoin benefits for payments.
Cascarilla’s letter emphasizes that the US is an “inhospitable” environment for financial innovation, while other regions like the EU and UAE have benefited from regulatory frameworks that foster innovation.
He cites “regulatory overreach, questionable banking policies, and unnecessary legal actions” in the US, resulting in significant costs in wasted resources. Consensys recently disclosed layoffs affecting 20% of its workforce due to ongoing SEC investigations.
Consensys CEO Joe Lubin stated that these government actions lead to lost jobs and investments, costing companies millions. While Trump has expressed intentions to remove SEC Chair Gary Gensler, Harris has not made similar commitments. Ron Hammond from the Blockchain Association notes the industry's need for clarity from the Vice President.
Cascarilla warns that digital dollars will continue moving offshore until a comprehensive stablecoin framework is established. He acknowledges bipartisan interest in reforming the current regulatory landscape.
Hammond estimates a 30% chance for a stablecoin bill to pass by the end of 2024, a figure he considers modest but better than some sports team championship odds.