In an impassioned open letter to Congress, Ivan Soto-Wright, the CEO of MoonPay, made it crystal clear: when it comes to stablecoin laws, it’s time to stop playing favorites. He called on lawmakers to ensure a fair fight between state and federal stablecoin issuers. Because, let’s face it, one side shouldn’t have a monopoly—unless we’re talking about Monopoly, and even that’s a bit much.
Soto-Wright’s plea was not just some corporate mumble-jumble. No, he explicitly backed the idea of keeping state-level regulators in the mix, especially the amendments proposed by the Conference of State Bank Supervisors (CSBS) to the GENIUS and STABLE Acts. Because who doesn’t love a good amendment, right? Except, of course, if you’re on the losing side of the amendment battle.
In his letter to the Senate Banking and House Financial Services Committees, Soto-Wright raised an eyebrow at the current drafts of the legislation, suggesting they might be a little too cozy with federally regulated issuers. What a surprise! As if the feds haven’t had enough power already, right?
Stablecoin rules shouldn’t play favorites.
I’ve just sent a letter to Congress backing @CSBSNews’s push to keep state-regulated issuers in the game.
The GENIUS & STABLE Acts should support fair competition, consumer protection, and innovation.
My full letter:…
— Ivan Soto-Wright (@ivanhodl) April 18, 2025
For those unfamiliar with MoonPay’s credentials, it’s not exactly a garage startup. The company holds 46 state money transmitter licenses and serves over 30 million customers. It’s safe to say they know a thing or two about the space. Soto-Wright wasn’t shy about voicing his concern that without the proposed amendments, this legislative mess might end up giving too much power to federal regulators, possibly crushing smaller state players.
CSBS Recommendations
And who exactly is the CSBS? Well, it’s the group that’s fighting to ensure a fair and balanced stablecoin battlefield. Soto-Wright threw his full support behind their recommendations. These include scrapping provisions that would slap state-regulated PSIs with harsher rules in other states (because who likes unnecessary paperwork?) and trimming federal powers that could potentially let the OCC steamroll state consumer protections like they’re a Friday afternoon sale at Walmart.
The GENIUS and STABLE Acts, as Soto-Wright sees them, are supposed to be a tool to secure U.S. dollar supremacy in the digital economy. But, of course, if the legislation passes as is, it might as well hand over the keys to the kingdom to federal regulators while squashing competition and innovation. Not exactly the American dream, is it?
In the meantime, MoonPay has been busy flexing its muscles by acquiring Helio and Iron.xyz to bolster its stablecoin infrastructure. So don’t worry, Soto-Wright is more than ready to sit down with lawmakers and help them iron out these bills. Hopefully, they’ll get it right. But hey, if not, MoonPay might just have to fire off another letter. 📝
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2025-04-18 16:14