Journalist
Published on: October 30, 2024
- Paxos CEO urged regulatory reforms to maintain US leadership in digital finance.
- Trump was seen as a pro-cryptocurrency candidate, boosting market optimism.
With the US elections just days away, the political landscape is heating up and leaders in the crypto sector are entering the debate over the country’s financial future.
Paxos CEO’s urgent plea
In a recent open letter Addressing presidential candidates Kamala Harris and Donald Trump, Paxos CEO and co-founder Charles Cascarilla underscored the importance of digital assets in preserving America’s financial leadership.
Cascarilla warned that the next administration’s stance on digital currency could affect the country’s economic situation.
He urged both leaders to recognize blockchain technology and stablecoins as tools to modernize America’s financial landscape.
Furthermore, he highlighted that without a regulatory framework that encourages innovation, the US could lose its global financial influence.
“The next presidential administration will determine whether the United States continues to lead the global financial industry or loses that leadership. “We risk becoming the Rust Belt of financial services, and American jobs and prosperity are at stake.”
What else did Cascarilla add?
Highlighting the advantages of dollar-backed and blockchain-based stablecoins, he argued that these technologies have the potential to improve transparency.
He backed this up by saying that these can foster a more inclusive financial system, which is essential to maintaining the country’s economic resilience.
The CEO advocated for bipartisan support for implementing stablecoin regulations, emphasizing their importance in preserving America’s financial leadership and competitive strength.
“We look forward to collaborating with the next administration and lawmakers from both parties to design and implement a stablecoin framework that drives innovation and demonstrates U.S. leadership in digital assets.”
Needless to say, the pressure to change regulation is rooted in the hostility perceived by the United States SEC during the administration of President Joe Biden under his direction Gary Gensler.
Coinbase CEO joins
Coinbase CEO Brian Armstrong urged the incoming SEC chairman to abandon “frivolous” legal actions against cryptocurrency companies.
He also asked for a formal apology to the American public, highlighting the growing demand for regulatory reform in the sector.
Fuente: Brian Armstrong/X
In the midst of this growing debate, Trump is increasingly perceived as the most crypto-friendly candidate compared to Harris.
A recent update from Polymarket revealed that Trump’s victory odds have reached an all-time high against Harris. This underscores the belief among some that his administration may favor a pro-cryptocurrency stance.
Fuente: Polymarket/X
Coinciding with these events, the cryptocurrency market also witnessed a increase , con Bitcoin [BTC] rising to $72,000 just days before the election.
This is an automatic translation of our English version.
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