​MoonPay CEO Ivan Soto-Wright Has Voiced Strong Support for Achieving Parity Between State and Federal Oversight

​MoonPay CEO Ivan Soto-Wright has voiced strong support for achieving parity between state and federal oversight in forthcoming US stablecoin legislation.

Ivan Soto-Wright, CEO of crypto firm MoonPay, has penned a letter to leading members of the House and Senate Financial Services Committees to show support for the Conference of State Bank Supervisors (CSBS) and its proposed amendments to the House’s STABLE Act and the Senate’s GENIUS Act.

As discussed in prior correspondence, Section 701(b) of the House-passed STABLE Act would create a new category of federal Preferred Systemically Important (PSI) stablecoin issuers. In turn, the legislation would allow for state-regulated payment stablecoin regulators to serve as master regulators in a dual federal-state regulatory regime.

However, the CSBS has proposed amendments to the STABLE Act to ensure that state-regulated stablecoin issuers have equal footing as Congress shapes future digital asset rules.

Its amendments would also eliminate the preferred systemically important (PSI) designation and associated implications.

In his letter today, Soto-Wright expressed support for the CSBS amendments and a dual federal-state system.

“As currently drafted, the bill stacks the deck in favor of federal PSIs and limits viable state pathways-which are fully consistent with the dual federal-state regime that has enabled innovation and protected consumers for years,” said the MoonPay CEO.

“We urge you to adopt the amendments proposed by the CSBS to ensure that both federal and state-regulated stablecoin issuers operate on a level playing field.”

Earlier this year, Soto-Wright warned against favoring U.S.-based stablecoin issuers over international counterparts, arguing that such an approach would be shortsighted and could stifle innovation.

He added that major crypto platforms, such as Tether, are already collaborating closely with law enforcement agencies around the world to combat illicit activities.

“For example, Tether has cooperated with over 230 law enforcement agencies in 50 countries to freeze or recover over $2.5 billion in connection with criminal investigations, and it has blocked over 125,000 addresses linked to illicit activities,” he said.

Soto-Wright’s views align with concerns that the current legislative drafts could concentrate excessive authority within the federal government, particularly the Office of the Comptroller of the Currency (OCC), which in turn could diminish the competitiveness of state-regulated firms.

Soto-Wright highlighted that MoonPay serves over 30 million users and is operating under 46 state money transmitter licenses. He further noted that his company’s integration with Helio and Iron.xyz marks a significant expansion of MoonPay’s stablecoin payments infrastructure.