Trump and Harris: Create welcoming cryptocurrency policy to keep the U.S. in the lead

The CEO of Paxos sent an urgent letter to both Trump and Harris, urging them to pursue immediate cryptocurrency reforms to protect the U.S.'s leading financial position.

Urgent cryptocurrency reforms needed: Trump and Harris face high-risk decisions

The CEO of blockchain infrastructure company Paxos, Charles Cascarilla, sent an open letter to Vice President Kamala Harris and former President Donald Trump on Tuesday, calling for immediate regulatory reform to support blockchain and digital assets in the U.S.

Cascarilla warned that the U.S. financial system is "closed, outdated, and inefficient" and risks falling behind global competitors. Emphasizing the importance of modernizing finance, he stated:

This industry is vital to the United States, but it operates at the speed of the postal service while the rest of the economy has rapidly innovated by successfully leveraging technology and the internet.

The executive emphasized that countries like Singapore and the European Union have implemented legal frameworks supporting blockchain development, urging the U.S. to reform or lose its competitive edge.

Cascarilla supports clear policies that back digital assets to ensure the U.S. remains an economic leader. His letter states:

I urge you to create a more welcoming and clearly defined legal environment for digital assets. That is how we will ensure that the United States remains the largest and most innovative economy in the world.

"Despite our proactive management approach, the U.S. has become an unfriendly place for financial innovation," Paxos director continued, citing restrictive policies and excessive regulatory interference. He warned that without decisive action from "regulators, policymakers, Congress, and the upcoming administration in the U.S.," the nation's financial industry could be at risk. Cascarilla encouraged bipartisan support to build a stablecoin framework that would reinforce the U.S.'s leadership position in the digital finance sector and secure the country's economic future.
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