Ivan Soto-Wright, CEO of MoonPay, has formally appealed to U.S. lawmakers, advocating for a balanced approach in forthcoming stablecoin regulation that respects the authority of state regulators.
In an open letter directed to key Congressional committees—the Senate Banking and House Financial Services—Soto-Wright highlighted the importance of maintaining competitive fairness between state-chartered and federally regulated stablecoin issuers. He expressed support for amendments to the GENIUS and STABLE Acts proposed by the Conference of State Bank Supervisors (CSBS).
The MoonPay chief voiced concerns that the current legislative drafts could disproportionately benefit federally overseen entities, potentially marginalizing established state-licensed operators. He stressed the necessity of a robust dual federal-state framework for digital asset oversight.
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:… [My full letter:… pic.twitter.com/NxSnwj5NYt]
— Ivan Soto-Wright (@ivanhodl) April 18, 2025
Operating with 46 state money transmitter licenses and serving a vast user base exceeding 30 million, MoonPay argues that state-level pathways must remain a viable option for authorized stablecoin providers. The company believes preserving these pathways is crucial for financial innovation.
“Without these amendments, MoonPay fears that legislation may inadvertently result in undue burden and outsized authority by federal regulators,” Soto-Wright detailed in his letter.
Soto-Wright specifically endorsed CSBS proposals aimed at creating “genuine parity.” Key recommendations include scrapping rules that impose stricter standards on state-regulated issuers operating across state lines and removing redundant Treasury recertification processes.
Additionally, the CSBS seeks to limit federal preemption powers that might allow the Office of the Comptroller of the Currency (OCC) to supersede state-level consumer protection measures.
The GENIUS and STABLE Acts represent significant efforts to establish a clear regulatory structure for stablecoins, instruments Soto-Wright views as vital for maintaining U.S. dollar influence in the evolving digital economy.
He cautioned that without the suggested revisions, the proposed laws risk hindering competition, curbing financial innovation, and potentially weakening consumer safeguards already implemented by state authorities.
MoonPay, having recently bolstered its stablecoin capabilities through acquisitions like Helio and Iron.xyz, stated its readiness to collaborate with legislators to refine and finalize the pending bills.