MoonPay CEO Urges Congress for Fair Stablecoin Legislation
Ivan Soto-Wright, CEO of MoonPay, has called on Congress to ensure fair competition in stablecoin regulation. In an open letter, he emphasized the importance of maintaining state regulatory authority over stablecoin issuers.
Soto-Wright supports key amendments proposed by the Conference of State bank Supervisors (CSBS) to the GENIUS and STABLE Acts. He believes thes amendments will create a balanced federal-state framework. Without them,he fears the legislation may unfairly favor federally regulated issuers.
moonpay,with 46 state money transmitter licenses and over 30 million customers,argues that state pathways should remain viable for stablecoin issuers. Soto-Wright warns that without these changes, federal regulators may gain too much power, burdening state-licensed players.
- Endorse CSBS recommendations for “genuine parity” between state and federal PSIs.
- Remove provisions that subject state-regulated PSIs to stricter rules in other states.
- Eliminate redundant Treasury recertification requirements.
- Narrow federal preemption powers that could override state consumer protections.
The GENIUS and STABLE Acts aim to regulate stablecoins, which Soto-Wright sees as crucial for U.S. dollar dominance in the digital economy. He warns that the current drafts could stifle competition and innovation.
MoonPay, which recently acquired Helio and Iron.xyz, is ready to work with lawmakers to finalize the bills. Soto-Wright’s full letter is available here.
