MoonPay CEO pushes for fair federal-state balance in stablecoin laws

Ivan Soto-Wright urged Congress in an open letter to ensure fair competition between state issuers and federal transmitters in future legislation.

The CEO of Moonpay expressed its support for the preservation of the regulatory authority of the State on the transmitters of Stablecoin, urging the Congress to adopt key modifications proposed by the Conference of Supervisors of the State Bank to the Genius and stable acts.

In his letter At the committees of the Senate Bank of Banks and Financial Services, Soto-Wright underlined the need for a double federal state framework, warning that Current legislation projects Foster issuers regulated by the federal government and risks marking players related to the state.

Moonpay, which holds 46 licenses of state silver and serves more than 30 million customersargued that state roads should remain viable for authorized stablecoin issuers.

“Without these modifications, Moonpay fears that the legislation inadvertently leads to an undue burden and an excessive authority of federal regulators,” wrote Soto-Wright.

CSBS recommendations

He specifically approved the recommendations of the CSBS to ensure the “real parity” between the PSI of the State and Federal. These include the provisions that submit the PSI regulated by states to the stricter rules in other states, to eliminate the redundant treasury recers requirements and to shrink the powers of federal preemption which could allow the OCC to replace the protection of consumer from the State.

The genius and stable acts aim to provide a regulatory framework for Stablecoins, which Soto-Wright called a tool for the domination of the US dollar in the digital economy.

He warned that in the event of modification, legislation could stifle competition, reduce innovation and undermine consumer guarantees already in place at the level of the state.

Moonpay recently Acquired Helio and iron.xyz to extend his Stable infrastructure And is ready to work with the legislators to finalize bills.