Ahead of the US presidential election, Paxos CEO Charles Cascarilla called on presidential candidates Kamala Harris and Donald Trump to create a more open legal framework for cryptocurrencies and stablecoins. In his letter to the candidates, Cascarilla stated that if the US does not create a more hospitable regulatory environment for digital assets, digital dollar activity could shift out of the country, posing a threat to national security and economic competitiveness. He also stated that years of disagreements over crypto regulations in the US have made progress difficult.
Cascarilla said the current regulatory environment is unfavorable for financial innovation and the industry is weakened by excessive interventions. Paxos was under scrutiny last year over a stablecoin product, but it was stated that this review was terminated in July. The presidential candidates are taking different approaches to crypto; Harris has announced an economic plan that supports digital technologies, while Trump promises to end the crackdown on the crypto sector and support projects.