Source: Cointelegraph Original: "{title}"
Cryptocurrency payment company MoonPay CEO Ivan Soto-Wright has called on U.S. lawmakers to leave room for state-level regulators when passing stablecoin legislation.
In a post on the X platform on April 18, Soto-Wright expressed his hope that Congress would "allow issuers under state-level regulation to continue to participate" in stablecoin regulation. He mentioned that both the House and Senate are working to establish a federal regulatory framework. Currently, lawmakers are considering whether to pass the Senate's "U.S. Stablecoin Guidance and National Innovation Act" (GENIUS Act) and the House's "Stablecoin Transparency and Accountability to Promote Better Ledger Economy Act" (STABLE Act).
"While the cryptocurrency industry has been calling for federal regulations for years, it has been these state-level regulators that have provided regulatory clarity and oversight to ensure consumer protection and drive industry growth," Soto-Wright said. "As federal legislation approaches the finish line, it is crucial to reserve a viable state-level pathway for state-level regulators that meet the standards of the GENIUS Act and STABLE Act, allowing them to treat licensed stablecoin issuers (PSI) equally with federal regulators."
The comments from the MoonPay CEO echo the views of the Conference of State Bank Supervisors (CSBS). In a letter to the leadership of the House Financial Services Committee on April 1, CSBS also suggested a similar state-level regulatory approach. The Senate Banking Committee and the House Financial Services Committee voted to advance these bills in March and April, respectively, paving the way for a full vote.
The STABLE Act is a companion bill modeled after the GENIUS Act, proposing regulation by limiting payment stablecoins to "licensed payment stablecoin issuers" while allowing "state-certified" issuers. Soto-Wright stated that the GENIUS Act lays out a framework for licensed stablecoin issuers through federal regulators rather than state-level regulators, making the Federal Reserve the "sole federal regulator for all state-level PSIs."
It remains unclear whether these bills will garner enough support in both chambers before being signed into law by U.S. President Trump. Despite facing allegations of conflicts of interest and the complex situations the bills may encounter in passing through the House and Senate, Trump and his family members have supported the launch of their own stablecoin through World Liberty Financial.
World Liberty Financial, set to launch in September 2024, has already raised approximately $600 million through a token sale, with investors including Tron founder Justin Sun, market maker DWF Labs, venture capital firm Oddiyana Ventures, and investment platform Web3Port. According to the project, as of March 24, its USD1 stablecoin has not yet opened for trading.
Related: Wyoming SEC discusses whether stablecoins are "governed" by SEC rules.
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