MoonPay CEO Ivan Soto-Wright Fires Off Urgent Letter to Congress: "Stablecoin Rules Can't Play Favorites!"

Ivan Soto-Wright, the fiery CEO of MoonPay, just dropped a bombshell open letter on Congress, demanding fair competition between state and federal stablecoin issuers in the upcoming legislation. No more playing favorites!

The MoonPay boss isn't holding back, throwing his full support behind preserving state regulatory authority over stablecoin issuers. He's urging Congress to adopt crucial amendments proposed by the Conference of State Bank Supervisors to the GENIUS and STABLE Acts. It's time to level the playing field!

In his no-holds-barred letter to the Senate Banking and House Financial Services Committees, Soto-Wright isn't mincing words. He's calling out the current drafts of the legislation for favoring federally regulated issuers and risking the marginalization of state-licensed players. It's a dual federal-state framework or bust!

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:… pic.twitter.com/NxSnwj5NYt

MoonPay, with its 46 state money transmitter licenses and over 30 million customers, is putting its foot down. State pathways must remain viable for permitted stablecoin issuers, and they're not backing down!

"Without these amendments, MoonPay fears that legislation may inadvertently result in undue burden and outsized authority by federal regulators," Soto-Wright warns. It's a high-stakes game, and they're ready to fight for what's right.

CSBS recommendations

Soto-Wright is doubling down, specifically endorsing CSBS recommendations to ensure "genuine parity" between state and federal PSIs. He's calling for the removal of provisions that subject state-regulated PSIs to stricter rules in other states, the elimination of redundant Treasury recertification requirements, and the narrowing of federal preemption powers that could let the OCC override state consumer protections. It's time to cut the red tape and level the playing field!

The GENIUS and STABLE Acts aim to provide a regulatory framework for stablecoins, which Soto-Wright calls a tool for U.S. dollar dominance in the digital economy. But he's sounding the alarm: unless amended, the legislation could stifle competition, reduce innovation, and undermine consumer safeguards already in place at the state level. The stakes couldn't be higher!

MoonPay isn't sitting on the sidelines. With their recent acquisitions of Helio and Iron.xyz, they're expanding their stablecoin infrastructure and ready to work with lawmakers to finalize the bills. It's time to put the pedal to the metal and get this done right!