You’re running a business, hustling in 46 states, keeping regulators happy, serving millions.
Suddenly, the big bosses in D.C. want to change the rules of the game, maybe even lock you out of your own turf.
That’s what Ivan Soto-Wright, the head at MoonPay, is seeing in the latest stablecoin legislation dance. And let me tell ya, he’s not mincing words.
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
— Ivan Soto-Wright (@ivanhodl) April 18, 2025
Stablecoins
The Congress is about to drop a new stablecoin law, the STABLE and GENIUS Acts. But the way it’s written?
It’s like inviting everyone to the poker table, then giving the feds all the chips and telling the state guys to play with toothpicks.
Soto-Wright fired off a letter to the Senate Banking and House Financial Services Committees, backing up the Conference of State Bank Supervisors.
Their message? Don’t play favorites. If you let only the federal boys run the show, you’re gonna kill competition, innovation, and maybe even the little guy’s chance to survive.
Skin in the game
State regulators have been the ones in the trenches, keeping crypto in line when the feds were still figuring out what a blockchain was.
They’ve been protecting consumers, making sure nobody gets taken for a ride.
Now, just as the finish line is in sight for national rules, Congress is thinking about handing the keys to the kingdom to Washington.
Soto-Wright’s not having it. He says, “Hey, if a state regulator meets the standards, let ‘em play ball. Don’t make ‘em sit on the bench just because their jersey says ‘state’ instead of ‘federal’”.
One over all?
MoonPay isn’t some fly-by-night operation. They’ve got licenses in 46 states, serve over 30 million users, and just expanded their stablecoin payments game by snapping up Helio and Iron.xyz.
They’re living proof that the state-federal setup works. Why mess with it? Why risk turning the whole thing into a one-horse town, where only the feds get to call the shots?
The CSBS is sounding the alarm too. They warn that if Congress doesn’t fix the bill, the Office of the Comptroller of the Currency could end up as the Don Corleone of stablecoins, deciding who gets to play, who gets whacked.
That’s not just bad for business, it’s bad for consumers, bad for innovation, and bad for anyone who likes a little competition in their market.
Have you read it yet? Trump vs. Powell, is the Fed about to get whacked?
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