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MoonPay co-founder and CEO Ivan Soto-Wright issued a formal letter to the US Congress dated April 17, urging lawmakers to maintain a level playing field for both state and federal Stablecoin publishers in future laws.
The letter, addressed to leaders of the Senate Banking Committee and the House Financial Services Committee, advocates equality in the treatment of state and federal traits under the proposed stable act of genius.
Soto-Wright has expressed strong support for the amendment from the State Bank Supervisors Conference (CSB). This seeks to ensure that state-controlled payment stable issuers (PSIs) do not place the federal government at a disadvantage compared to its regulated counterparts.
He said fostering fair competition between state and federal entities benefits consumers, promotes innovation and maintains a long-standing regulatory framework that has successfully governed the money-transmitting industry for decades.
He emphasized that state regulators have been at the forefront of crypto surveillance for a long time, offering clarity and consumer protection without federal regulations.
As Congress approached the final decision on the national stubcoin framework, Soto Wright urged lawmakers to maintain these viable paths of state that meet the regulatory benchmarks established with genius and stable conduct.
Here is an excerpt from his letter:
“The cryptocurrency industry has long sought federal law, but it was the regulators of these states who continue to provide regulatory clarity and oversight to ensure consumer protection and enable sector growth.
Centralizing Stablecoin Reg can help to suppress competition
The Soto-wright message reflects broader concerns within the Crypto and Fintech industries. This means that it could centralize stubcoin regulations at the federal level.
He argues that the dual state and federal regulatory structures that control money transfers have proven effective and should serve as a model for Stablecoin monitoring.
As Congress weighs the final language of the law, Moonpay’s stance adds a prominent industry voice to pushing for comprehensive, balanced regulations that protect consumers while fostering a well-known and competitive digital asset economy.
Post Moonpay CEO Letter to Congress: Creating a Risk National Monopoly for Stubcoinville first appeared on Cryptonews.
