MoonPay CEO Ivan Soto-Wright has voiced strong support for achieving parity between state and federal oversight in forthcoming US stablecoin legislation. He advocates for state-regulated stablecoin issuers to have equal footing as Congress shapes future digital asset rules.
In a letter sent today to the leadership of the Senate Banking and House Financial Services Committees, Soto-Wright expressed support for the Conference of State Bank Supervisors (CSBS) and its proposed amendments to the House’s STABLE Act and the Senate’s GENIUS Act. He stated:
“As currently drafted, the bill stacks the deck in favor of federal PSIs. It is essential to preserve viable state pathways… consistent with the dual federal-state regime that has enabled innovation and protected consumers for years.”
Has MoonPay’s CEO Addressed This Before?
This isn’t the first time that MoonPay’s CEO has talked about the topic at hand. At the start of April, he warned against favoring US-based stablecoin issuers over international counterparts, arguing that such an approach would be shortsighted and could stifle innovation.
He then used Tether, the largest stablecoin issuer, as an example, saying that the platform has collaborated with over 230 law enforcement agencies in 50 countries to block $2.5 billion in illicit activities, demonstrating that international issuers can meet high compliance standards.
What’s Driving Soto-Wright’s Push for Parity?
His views align with concerns that the current legislative drafts could consolidate excessive authority within the federal government, particularly the Office of the Comptroller of the Currency (OCC), which in turn could limit the competitiveness of state-regulated firms.
Soto-Wright points to his own company, MoonPay, as an example of how crypto firms have worked successfully under existing state rules. MoonPay serves over 30 million users and is operating under 46 state money transmitter licenses. The company also recently expanded its stablecoin payments infrastructure by acquiring firms like Helio and Iron.xyz.
What’s the Current State of US Stablecoin Bills?
Congress is currently considering several bills aimed at establishing a comprehensive regulatory framework for stablecoins. The mentioned GENIUS Act proposes granting state payment stablecoin regulators the authority to implement baseline federal regulatory standards, thereby promoting a dual regulatory system that accommodates both state and federal oversight.
This approach is the opposite of other proposals that would centralize regulatory authority at the federal level, quite possibly restricting the role of state regulators.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
