MoonPay CEO Ivan Soto-Wright recently penned a formal letter to the U.S. Congress, urging lawmakers to ensure equal treatment for both state and federal stablecoin issuers in upcoming legislation. The letter, dated April 17, was addressed to the leadership of the Senate Banking Committee and the House Financial Services Committee, advocating for parity in the treatment of state-chartered and federally-chartered entities under the proposed STABLE and GENIUS Acts.
Soto-Wright expressed his support for proposed amendments from the Conference of State Bank Supervisors (CSBS), which aim to prevent state-regulated payment stablecoin issuers (PSIs) from being disadvantaged compared to their federally regulated counterparts. He emphasized that fostering fair competition between state and federal entities will benefit consumers, promote innovation, and uphold regulatory frameworks that have successfully governed the money transmission industry for decades.
The CEO highlighted the crucial role of state regulators in overseeing the cryptocurrency industry, providing clarity and consumer protections in the absence of federal regulation. As Congress finalizes a national stablecoin framework, Soto-Wright urged lawmakers to preserve viable state pathways that meet the regulatory standards outlined in the GENIUS and STABLE Acts.
In his letter, Soto-Wright stated, “While the cryptocurrency industry has called for federal legislation for years, it has been these state regulators who have provided and continue to provide regulatory clarity and supervision to ensure consumer protection and enable growth in the sector. As federal legislation now approaches the finish line, it is essential to preserve viable state pathways for PSIs that place the state regulators who meet the standards set out in GENIUS and STABLE on equal footing with federal regulators.”
The CEO’s message reflects a broader concern within the crypto and fintech industries that centralizing stablecoin regulation at the federal level could stifle competition and innovation. He argues that the dual state-federal regulatory structure governing money transmitters has been effective and should serve as a model for stablecoin oversight.
As Congress considers the final language of the legislation, MoonPay’s stance adds a prominent industry voice to the call for inclusive and balanced regulation that protects consumers while fostering a competitive digital asset economy. The CEO’s letter underscores the importance of maintaining a level playing field for state and federal stablecoin issuers to ensure a thriving and innovative regulatory environment.