US lawmakers are preparing for intense discussions on the regulation of STABLECOIN, and major industry leaders expect to briefly explain the vision of the future of digital asset directors.
Charles Cascarilla, co -founder and CEO of the publisher Paxos, will testify before the House of Representatives’ Financial Services Commission, which is why members of the National Assembly urge them to establish “cross -dictionary interaction” in the Stablecoin regulations.
In his prepared testimony, Cascarilla was issued through Singapore’s regulatory affiliates and raised concerns about conventional obstacles when adopting Paxos’ Global Dollar (USDG) Stablecoin.
Cascarilla said, “We are afraid that products such as PAXOS’s Global Dollar (USDG) Stablecoin, issued by Singapore’s regulatory affiliates, will go with departments and agencies while making decisions.
The United States must act to prevent regulatory stable arbitrage.
CASCARILLA recommends that US lawmakers will strengthen their current “international language” and designate overseas jurisdictions for Stablecoin regulations, including accelerated timelines defined in the US Treasury.
“This period will be forced to conduct rapid behavior and prevent bureaucratic delays, guaranteeing a thorough investigation into the foreign regulatory system,” he said.
source: Financial Services Commission
Cascarilla emphasized that potential delays in applying such measures will be a big obstacle to adoption and distribution and border operation of Stablecoin, such as USDG in the United States.
Cascarilla said, “Mutuality is not to lower standards, but to increase standards around the world.
“By setting up a framework for recognizing jurisdictions with a similar regulatory system dealing with reservation requirements, AML measurements and cyber security protocols, the United States can prevent regulatory interests that the publisher can use LAX supervision abroad.”
PAXOS Stablecoins was considered a ratification in the EU
Cascarilla’s remarks arise from stablecoins issued by PAXOS faced with the compliance with the European Union following the implementation of the crypto assets (MICA), a cryptographic regulatory framework.
After the MICA framework was fully strengthened in December 2024, various encryption asset service providers, including crypto.com and coinbase, announced the listing of Paxos Stablecoins, including PAX DOLLAR (PAX) and Pax Gold (Paxg).
PAXOS’s Cascarilla currently requires the United States to take urgent actions to force a global framework for the publishers who are regulated outside the United States, but some CEOs have called for all stablecoin companies to be regulated instead.
In February, Circle co -founder Jeremy Allaire argued that all dollar -based stablecoin issuers should cite consumer protection and fair competition in the cryptographic market. He said.
“If you are based on Hong Kong or Hong Kong, you must register in the United States as if you have to register elsewhere in the United States.”
Issued and regulated in the United States’ S -USDC (USDC) Stablecoin was officially approved as the first Unmoe -based Stablecoin in 2024.
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