Ivan Soto-Wright urged Congress in an open letter to ensure fair competition between state and federal stablecoin issuers in upcoming legislation.
The MoonPay CEO voiced support for preserving state regulatory authority over stablecoin issuers, urging Congress to adopt key amendments proposed by the Conference of State Bank Supervisors to the GENIUS and STABLE Acts.
In his letter to the Senate Banking and House Financial Services Committees, Soto-Wright emphasized the need for a dual federal-state framework, cautioning that current drafts of the legislation favor federally regulated issuers and risk marginalizing state-licensed players.
MoonPay, which holds 46 state money transmitter licenses and serves over 30 million customers, argued that state pathways should remain viable for permitted stablecoin issuers.
“Without these amendments, MoonPay fears that legislation may inadvertently result in undue burden and outsized authority by federal regulators,” Soto-Wright wrote.
CSBS recommendations
He specifically endorsed CSBS recommendations to ensure “genuine parity” between state and federal PSIs. These include removing provisions that subject state-regulated PSIs to stricter rules in other states, eliminating redundant Treasury recertification requirements, and narrowing federal preemption powers that could let the OCC override state consumer protections.
The GENIUS and STABLE Acts aim to provide a regulatory framework for stablecoins, which Soto-Wright called a tool for U.S. dollar dominance in the digital economy.
He warned that unless amended, the legislation could stifle competition, reduce innovation, and undermine consumer safeguards already in place at the state level.
MoonPay recently acquired Helio and Iron.xyz to expand its stablecoin infrastructure and stands ready to work with lawmakers to finalize the bills.
