MoonPay co-founder and CEO Ivan Soto-Wright has issued a proper letter to the U.S. Congress dated April 17, urging lawmakers to take care of a degree taking part in area for each state and federal stablecoin issuers in upcoming laws.
Stablecoin guidelines shouldn’t play favorites.
I’ve simply despatched a letter to Congress backing @CSBSNews’s push to maintain state-regulated issuers within the sport.
The GENIUS & STABLE Acts ought to help truthful competitors, shopper safety, and innovation.
My full letter:… pic.twitter.com/NxSnwj5NYt— Ivan Soto-Wright (@ivanhodl) April 18, 2025
Addressed to the management of the Senate Banking Committee and the Home Monetary Providers Committee, the letter advocates for parity within the remedy of state-chartered and federally-chartered entities underneath the proposed STABLE and GENIUS Acts.
Soto-Wright voiced his robust help for proposed amendments from the Convention of State Financial institution Supervisors (CSBS), which search to make sure that state-regulated fee stablecoin issuers (PSIs) will not be put at an obstacle in comparison with their federally regulated counterparts.
In line with him, fostering truthful competitors between state and federal entities will profit shoppers, promote innovation, and uphold long-standing regulatory frameworks which have efficiently ruled the cash transmission business for many years.
He emphasised that state regulators have lengthy been on the forefront of crypto oversight, offering readability and shopper protections within the absence of federal regulation.
As Congress strikes nearer to finalizing a nationwide stablecoin framework, Soto-Wright urged lawmakers to protect these viable state pathways that meet the regulatory benchmarks established within the GENIUS and STABLE Acts.
An excerpt from his letter reads:
“Whereas the cryptocurrency business has referred to as for federal laws for years, it has been these state regulators who’ve offered and proceed to supply regulatory readability and supervision to make sure shopper safety and allow development within the sector. As federal laws now approaches the end line, it’s important to protect viable state pathways for PSIs that place the state regulators who meet the requirements set out in GENIUS and STABLE on equal footing with federal regulators.”
Centralizing Stablecoin Regs May Stifle Competitors
Soto-Wright’s message echoes a broader concern inside the crypto and fintech industries—that centralizing stablecoin regulation on the federal degree might stifle competitors and innovation.
He argues that the twin state-federal regulatory construction that governs cash transmitters has confirmed efficient and will function a mannequin for stablecoin oversight.
As Congress weighs the ultimate language of the laws, the stance of MoonPay provides distinguished business voice to the push for inclusive and balanced regulation—one which protects shoppers whereas fostering a thriving, aggressive digital asset economic system.
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