Urgent Crypto Reform Needed: Trump and Harris Face a High-Stakes Decision

The CEO of blockchain infrastructure firm Paxos, Charles Cascarilla, issued an open letter to Vice President Kamala Harris and Former President Donald Trump on Tuesday

Both Trump and Harris are being urged by the CEO of Paxos to pursue immediate crypto reforms in an effort to preserve U.S. financial leadership.

The CEO of blockchain infrastructure firm Paxos, Charles Cascarilla, issued an open letter to Vice President Kamala Harris and Former President Donald Trump on Tuesday. In the letter, Cascarilla urged both parties to come together and pursue immediate regulatory reforms that will support blockchain and digital assets in the United States.

According to Cascarilla, the U.S. financial system is “closed, outdated and inefficient.” He warned that the nation's financial industry could be at risk without decisive action from “U.S. regulators, policymakers, Congress and the next administration.”

Highlighting the importance of modernizing finance, Cascarilla said that this industry is vital to the U.S. However, it operates at the speed of the post office while the rest of the economy has rapidly innovated by using technology and the internet successfully.

The executive noted that some nations, such as Singapore and the European Union, have already implemented regulatory frameworks that support blockchain development. This is pushing the U.S. to either reform or lose its competitive edge.

Cascarilla urged both parties to implement a more welcoming and clearly defined regulatory environment for digital assets. He believes that this is how the U.S. will ensure that it remains the world’s largest and most innovative economy.

“Despite our regulatory-first approach, the U.S. has become an inhospitable place for financial innovation,” the Paxos chief continued. He cited restrictive policies and regulatory overreach. Cascarilla added that without decisive action from "U.S. regulators, policymakers, Congress and the next administration," the nation’s financial industry could be at risk.

Finally, the Paxos CEO highlighted the importance of stablecoins in digital finance. He encouraged bipartisan support to craft a stablecoin framework that would solidify U.S. leadership in digital finance and secure its economic future.