Paxos CEO urges U.S. lawmakers to establish cross-border stablecoin regulations

ChainCatcher news, according to Cointelegraph, U.S. lawmakers are set to engage in a heated debate over stablecoin regulation, with major industry leaders expected to outline their vision for the future of digital asset regulation.

Charles Cascarilla, co-founder and CEO of stablecoin issuer Paxos, plans to testify before the House Financial Services Committee, urging lawmakers to establish "cross-jurisdictional reciprocity" in stablecoin regulation.

In prepared testimony, Cascarilla expressed concerns about the existing barriers to the adoption of Paxos' stablecoin USDG, as it is issued through a regulated subsidiary in Singapore.

The Paxos CEO wrote in his remarks: "We are concerned that products like the Paxos Global Dollar Stablecoin, issued by a regulated subsidiary in Singapore, will be caught in a bind when decisions are made across departments and agencies."

Cascarilla suggested that U.S. lawmakers strengthen the current "international reciprocity provisions," including clearly defining and expediting the timeline for the U.S. Treasury to designate overseas jurisdictions for stablecoin regulation. The executive stated: "This timeline will force swift action to prevent bureaucratic delays while ensuring a thorough review of foreign regulatory regimes."