MoonPay CEO supports equal rules for 46 state stablecoin issuers

Ivan Soto-Wright, CEO of MoonPay, has urged Congress to ensure that state-level regulators retain authority over stablecoin issuers as lawmakers debate new federal legislation.

In an April 18 letter and public statement, Soto-Wright emphasised the need to “keep state-regulated issuers in the game” as Congress considers the GENIUS Act in the Senate and the STABLE Act in the House, both of which would set new standards for payment stablecoins.

Soto-Wright argued that “state regulators have given the cryptocurrency industry regulatory clarity and supervision for years,” and said it is “essential to preserve viable state pathways for PSIs [permitted stablecoin issuers]”.

He warned that the GENIUS Act would give the Federal Reserve full authority over all state-level permitted stablecoin issuers, a move he described as one that “stacks the deck” against state regulators and could eliminate competition from state-qualified issuers.

The STABLE Act, by contrast, includes provisions for “state qualified” issuers, allowing companies to operate under state oversight if they meet certain requirements.

Soto-Wright’s position is aligned with the Conference of State Bank Supervisors (CSBS), which has also called for amendments to the bills to ensure parity between state and federal issuers and to prevent federal regulation from overshadowing state frameworks.

MoonPay operates under 46 state money transmitter licenses and serves over 30 million users, demonstrating the viability of state-regulated digital asset firms.

“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,” Soto-Wright stated.

Industry stakeholders have echoed these concerns, warning that consolidating too much authority at the federal level could limit competition, stifle innovation, and weaken consumer protections established by state regulators.