American lawmakers are scheduled to have a hot discussion about the organization of Stablecoin, where the main industry leaders are expected to determine their vision of the future of digital assets.
Charles Cascarilla, co -founder and CEO of Stablecoin Paxos source, It is scheduled To testify before the Financial Services Committee in the House of Representatives, legislators urge to create “similar transaction across the state” in the stablecoin regulations.
In his stomach testimony, Cascarilla A mark has been placed Fears about the current obstacles to the adoption of Stablecoin Global dollar (USDG) because of its release through a subsidiary company in Singapore.
“We are afraid that products such as Paxos’s Global Dollar Stablecoin, issued by a subsidiary company in Singapore, will work while departments and agencies make their decisions,” wrote the CEO of Paxos in his speech.
The United States must act to prevent the regulatory stablecoin
CASCARILLA has recommended that American laws be promoted the current “international ideal language” to include specific and exhausted timelines for the US Treasury to appoint the external judicial states to organize Stablecoin.
The CEO said: “This time frame will be forced to work quickly and prevent bureaucratic delay while ensuring a comprehensive audit of foreign regulatory systems.”
Source: House.gov
CASCARILLA stressed that the possible delays in the application of such a procedure will be a major obstacle to the adoption and distribution of Stablecoins such as USDG in the United States as well as cross -border operations.
“The treatment is not related to lowering standards – it is related to raising them worldwide,” Kaskarilla said, adding:
“By creating a framework for recognition of judicial authorities with similar organizational systems – covering the requirements of reserves, AML measures and cybersecurity protocols – the United States can prevent organizational arbitration, as exporters take advantage of relaxation censorship abroad.”
Paxos Stablecoins has been considered incompatible with the European Union
CASCARILLA’s comments are among some Stablecoins issued by Paxos, which faces compatible issues in the European Union after the enforcement of encryption regulation in Europe, Markets in organizing encryption buttons (Mika).
Since the MICA framework entered the full power in December 2024, with the European Union’s encryption service providers – including Crypto.com and Coinbase – Paxos Stablecoins Like PAX dollar (PAX) and Pax Gold (Paxg).
While Paxos’ Cascarilla now calls on the United States urgently to force a global framework for the Stablecoin exporters who are organized outside the United States, some executives in the industry have urged all Stablecoin companies to obtain a local organization instead.
In February, Jeremy Alere, co -founder of Serkel, argued. The dollar -based STABLECOIN exporters must register in the United StatesQuoting consumer protection and fair competition in the encryption market. Steps:
“Whether you are an external company or its headquarters in Hong Kong, if you want to introduce the US dollar in the United States, you must register in the United States just as we have to go to register anywhere else.”
Establishment and organization in the United States, USDC Circle (USDCStablecoin was officially It was approved as the first stablecoin compatible with mica In 2024.
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