Ivan Soto-Wright, CEO of the Moonpay cryptocurrency payment company, asks the American legislators to leave a path open to regulators at the level of the state when he adopted stablecoins legislation.
In a post of April 18, Soto-Wright said that he wanted the congress “to keep the issuers regulated by the State in the game” with regard to the regulation of stablescoin, referring to the efforts in the House of Representatives and the Senate to create a federal regulatory framework. The legislators plan to pass the guidance and the establishment of national innovation for American stables, or Genius Act, in the Senate and the transparency and responsibility of the stablescoin for a better economy of major book, or a stable law, in the House.
“Although the cryptocurrency industry has called for federal legislation for years, it is these state regulators that have provided and continue to provide regulatory clarity and supervision to ensure consumer protection and allow growth in the sector,” said Soto-Wright. “While federal legislation now discusses the finish line, it is essential to preserve the viable state routes for the PSI [permitted stablecoin issuers] This place the regulators of the State which respect the standards set out in engineering and stable on an equal footing with federal regulators. »»
The commentary on the CEO of Moonpay echoed those of the State Bank supervisor conference (CSB), which wrote to the management of the Chamber’s Financial Services Committee in a letter of April 1 and recommended a similar approach to the state level. The Senatoric Banking Committee and the Chamber’s Financial Services Committee voted to advance bills in March and April, respectively, paving the way for a full vote.
In relation: The legislator alleges that Trump wants to replace the US dollar with his stablecoin
The stable act, a company bill modeled after the law on engineering, proposed to regulate the payment stalls by limiting them to “issuers of authorized payment stalls”, allowing those “qualified as a state”. SOTO-WRIGHT said that the engineering bill “stacks the bridge” for stablecose issuers authorized through federal regulators at the state level and the federal reserve to be “the only federal regulator for all the ISP of the State”.
https://www.youtube.com/watch?v=KQZHVT77XKW
Venture supported by the Trump family launched their own stablecoin
It is not known if the bills have the necessary votes to pass the two chambers before being signed by American president Donald Trump. The president and family members also supported the launch of their own stablecoin via World Liberty Financial, despite the allegations of conflicts of interest and potential complications which obtained the bills through the Chamber and the Senate.
World Liberty Financial, launched in September 2024, has already received around 600 million dollars – largely thanks to tokens sales – investors such as the founder of Tron Justin Sun, the market manufacturer DWF Labs, the venture capital company Oddiyana Ventures and the web investment platform. According to the project, its stablecoin USD1 was not negotiable on March 24.
Review: Trump crypto companies raise conflicts of interest, initiate negotiation issues
