Paxos CEO, Charles Cascarilla, joined The Joys of Compounding pod to discuss how blockchain can solve fundamental financial system challenges, and much more.
Tomorrow, our CEO & Co-Founder, Charles Cascarilla, testifies before the House Financial Services Committee on the importance of passing clear stablecoin legislation in the US.
Watch live at 10am ET: https://www.youtube.com/live/9muEn64c2ek
“The whole point of having dollars on a blockchain is to have them moving in a modern way, at the speed of the internet.” - Paxos CEO & Co-Founder Charles Cascarilla
This morning's announcement from the FDIC confirms exactly what we had long observed in the digital asset industry:
"The FDIC's approach 'has contributed to a general perception that the agency was closed for business if institutions are interested in anything related to blockchain or distributed ledger technology.'"
In a comment submitted to the OCC, Federal Reserve and FDIC in October 2024, our CEO and Co-Founder Charles Cascarilla called out this trend – and the impact this regulatory stance had on innovative financial technology:
"Guidance from policymakers and regulators in recent years has had a chilling effect on banks' willingness – or ability – to service the digital assets industry. As a result, the digital assets industry has been left with limited banking options, undermining efforts to create diversified banking partnerships. This leads to concentration risk and is also pushing firms to look overseas for banking partners, at times in jurisdictions that do not share the same high standards as present in the United States."
We welcome today's FDIC statement. It's a strong indication that the United States is ready to reemerge as the global hub for digital assets and financial innovation.
This morning, we finalized the acquisition of Membrane Finance, officially becoming a fully licensed EMI in Finland and the EU. 🇫🇮🇪🇺
This milestone allows us to expand our regulated platform to serve European customers safely and responsibly, while paving the way for MiCA compliance.