MoonPay CEO’s Letter to Congress: Stablecoin Bill Risks Creating National Monopoly

MoonPay co-founder and CEO Ivan Soto-Wright has issued a formal letter to the U.S. Congress dated April 17, urging lawmakers to maintain a level playing field for both state and federal stablecoin issuers in upcoming legislation.

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

Addressed to the leadership of the Senate Banking Committee and the House Financial Services Committee, the letter advocates for parity in the treatment of state-chartered and federally-chartered entities under the proposed STABLE and GENIUS Acts.

Soto-Wright voiced his strong support for proposed amendments from the Conference of State Bank Supervisors (CSBS), which seek to ensure that state-regulated payment stablecoin issuers (PSIs) are not put at a disadvantage compared to their federally regulated counterparts.

According to him, fostering fair competition between state and federal entities will benefit consumers, promote innovation, and uphold long-standing regulatory frameworks that have successfully governed the money transmission industry for decades.

He emphasized that state regulators have long been at the forefront of crypto oversight, providing clarity and consumer protections in the absence of federal regulation.

As Congress moves closer to finalizing a national stablecoin framework, Soto-Wright urged lawmakers to preserve those viable state pathways that meet the regulatory benchmarks established in the GENIUS and STABLE Acts.

An excerpt from his letter reads:

“While the cryptocurrency industry has called for federal legislation for years, it has been these state regulators who have provided and continue to provide regulatory clarity and supervision to ensure consumer protection and enable growth in the sector. As federal legislation now approaches the finish line, it is essential to preserve viable state pathways for PSIs that place the state regulators who meet the standards set out in GENIUS and STABLE on equal footing with federal regulators.”

Centralizing Stablecoin Regs Could Stifle Competition

Soto-Wright’s message echoes a broader concern within the crypto and fintech industries—that centralizing stablecoin regulation at the federal level could stifle competition and innovation.

He argues that the dual state-federal regulatory structure that governs money transmitters has proven effective and should serve as a model for stablecoin oversight.

As Congress weighs the final language of the legislation, the stance of MoonPay adds prominent industry voice to the push for inclusive and balanced regulation—one that protects consumers while fostering a thriving, competitive digital asset economy.