An industry CEO’s final plea to Trump, Harris 

Paxos CEO Charles Cascarilla’s open letter hits a little different as voters get set to cast their ballots next week

article-image

Former President Donald Trump | lev radin/Shutterstock modified by Blockworks

share


This is a segment from the Forward Guidance newsletter. To read full editions, subscribe.


A week out from the US election, the CEO of blockchain infrastructure firm Paxos is imploring the next presidential administration to be better than the last (when it comes to crypto).  

Charles Cascarilla’s open letter to Donald Trump and Kamala Harris doesn’t say much that hasn’t been said before. 

But perhaps the letter hits a little different as voters — millions of which own crypto — get set to cast their ballots next week. And, just days ago, Stripe’s $1.1 billion acquisition of Bridge sends a signal that non-crypto companies recognize the compelling benefits of stablecoin-based payments. 

Cascarilla’s letter addresses familiar key points: While the US is an “inhospitable” place for financial innovation, the EU, UAE and others have capitalized on those “missteps” via regimes “that support safe innovation.” 

The “regulatory overreach, questionable banking policies and onerous and needless legal actions” in the US have resulted in “enormous costs in wasted time and money,” Cascarilla adds. 

To that point, Consensys on Tuesday revealed cuts impacting 20% of its workforce.

“Multiple cases with the SEC, including ours, represent meaningful jobs and productive investment lost due to the SEC’s abuse of power and Congress’s inability to rectify the problem,” Consensys CEO Joe Lubin wrote. “Such attacks from the US government will end up costing many companies that have been investigated, sued or sent Wells Notices, many millions of dollars.”

While Trump has said he would fire SEC Chair Gary Gensler, Harris has not made any such statement. Blockchain Association’s Ron Hammond previously told me the industry is waiting for more clarity on that from the VP. 

In the meantime, digital dollars will continue to move offshore until there is a stablecoin framework that drives innovation, Cascarilla wrote.

The positive note from the Paxos CEO: “Thankfully, there is bipartisan interest in fixing this broken status quo.”

Hammond said earlier this month he believed the chance of a stablecoin bill getting passed by the end of 2024 was 30%. That’s not exactly great. But at least it’s higher than the Yankees’ World Series title odds at this point.


Get the news in your inbox. Explore Blockworks newsletters:

  • Blockworks Daily: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.
  • Empire: Start your morning with the top news and analysis to inform your day in crypto.
  • Forward Guidance: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.
  • 0xResearch: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.
  • Lightspeed: Built for Solana investors, developers and community members. The latest from one of crypto’s hottest networks.
  • The Drop: For crypto collectors and traders, covering apps, games, memes and more.
Tags

Upcoming Events

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research

article-image

Tokenized private equity is the next “greatest” opportunity, BWR analyst Carlos Gonzalez Campo writes

article-image

Today Blockworks is launching Analytics 2.0, our greatly improved crypto data and analytics platform

article-image

Ethena and Securitize’s Converge will launch within the next three months

article-image

Sponsored

Ledn has positioned itself as a trusted CeFi leader in Bitcoin-backed lending

article-image

Yesterday marked the five-year anniversary of Solana’s genesis block

article-image

The Digital Asset Summit will feature TradFi and government reps speaking on broader adoption and who’s buying in