Paxos CEO Charles Cascarilla is set to testify before the U.S. House Financial Services Committee, advocating for cross-border stablecoin regulation. He emphasizes the need for 'cross-jurisdictional reciprocity' to address barriers faced by Paxos' USDG stablecoin, issued in Singapore. Cascarilla urges U.S. lawmakers to enhance international reciprocity provisions and expedite the U.S. Treasury's designation of overseas jurisdictions for stablecoin regulation to avoid bureaucratic delays and ensure a comprehensive review of foreign regulatory frameworks.

PANews reported on March 11 that according to Cointelegraph, U.S. lawmakers are about to engage in a heated debate on stablecoin regulation, and major industry leaders are expected to elaborate on 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 his prepared testimony, Cascarilla expressed concerns about existing barriers to adoption of Paxos’ USDG stablecoin, which is issued through a regulated affiliate in Singapore. “We are concerned that products like the Paxos Global USD Stablecoin, issued by a regulated affiliate in Singapore, will be caught in the crossfire as departments and agencies make decisions,” the Paxos CEO wrote in his speech. Cascarilla suggested that U.S. lawmakers strengthen current “international reciprocity provisions,” including by clearly defining and accelerating the timeline for the U.S. Treasury to designate overseas jurisdictions for stablecoin regulation. “This timeframe would force swift action and prevent bureaucratic delays, while guaranteeing a thorough review of foreign regulatory regimes,” the executive said.

Paxos CEO Advocates for Cross-Border Stablecoin Regulation in U.S. Testimony