MoonPay CEO Backs Push for State-Federal Parity in Stablecoin Legislation
Ivan Soto-Wright joins regulators in urging Congress to preserve state oversight of stablecoins
Welcome to the Friday edition of the Crypto In America newsletter!
As Congress prepares to debate stablecoin legislation in the coming weeks, an increasing number of industry voices are urging lawmakers not to overlook the role of state regulators.
MoonPay CEO Ivan Soto-Wright is the latest to back efforts to ensure that state-regulated stablecoin issuers aren’t left behind as Congress shapes the future of U.S. stablecoin oversight.
In a letter sent Friday morning to leadership of the Senate Banking and House Financial Services Committees, Soto-Wright threw his support behind the Conference of State Bank Supervisors and the proposed amendments it made to the House’s STABLE Act and Senate’s GENIUS Act earlier this month.
Soto-Wright echoed the regulatory body in calling for preserving parity between state and federal issuers.
“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.”
Although the legislation seeks to provide much-needed regulatory clarity for payment stablecoins, both bills have faced criticism from industry stakeholders for favoring federal regulation at the expense of existing state frameworks. Soto-Wright and the CSBS are urging lawmakers to amend the bills to ensure an equal playing field, emphasizing that such changes are essential to fostering a competitive, safe, and consumer-first market.
MoonPay, which operates under 46 state money transmitter licenses and serves over 30 million users, illustrates how digital asset firms have successfully navigated existing state regulatory frameworks. The company recently expanded its stablecoin payments infrastructure through the acquisitions of Helio and Iron.xyz.
In its own letter, CSBS warned that without key fixes, the current drafts could consolidate too much authority within the federal government, especially under the Office of the Comptroller of the Currency, and limit the ability of state-regulated firms to compete nationally.
Weekly Recap
Here are some of the biggest news stories this week from the intersection of Washington and Web3:
The Securities and Exchange Commission announced details for its third crypto policy roundtable. The April 25th event will focus on custody issues, featuring two panels — one on broker-dealer and wallet custody, and another on investment adviser and investment company custody. Panelists are set to include representatives from Kraken, Fireblocks, Fidelity, Anchorage Digital and others.
In a post to his Truth Social platform on Thursday, President Trump said Federal Reserve Chair Jerome Powell’s termination “cannot come fast enough,” fueling speculation over whether he might attempt to remove Powell from his post. Trump also called on the Fed to cut interest rates and dismissed Powell’s recent speech on the economy as a “complete mess.”
A court has granted a 60-day pause in the SEC vs. Ripple appeal following a joint request from both parties amid ongoing settlement negotiations. The SEC is expected to file a status report on the case by June 15.
Crypto exchange Kraken is expanding beyond crypto and launching equities trading as it aims to become a one-stop-shop for traders. The company has already started rolling out commission-free trading for over 11,000 U.S.-listed stocks and exchange-traded funds in select states.
OKX, a crypto exchange based in the Seychelles, is expanding operations into the U.S. after recently paying $500 million to the Department of Justice for operating in America without a money transmitter license. The exchange has opened a new U.S. headquarters in San Jose, California and appointed Roshan Robert, a former Barclays and Hidden Road executive, as its CEO.
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