MoonPay CEO calls for stablecoin legislation to maintain a balance between state and federal regulation

ChainCatcher news, according to Crypto in America, MoonPay CEO Ivan Soto-Wright sent a letter to the U.S. Senate Banking Committee and the House Financial Services Committee on April 18, 2025, supporting the stablecoin legislative amendment proposed by the Conference of State Bank Supervisors (CSBS).

Soto-Wright called for a balance between state and federal regulation, warning that the current bill may lean too heavily towards federal oversight. As a company holding money transmission licenses in 46 states and serving over 30 million users, MoonPay emphasized the importance of the existing state-level regulatory framework.

Meanwhile, cryptocurrency exchange Kraken is expanding into stock trading, while OKX announced its entry into the U.S. market after paying a $500 million fine and establishing its headquarters in San Jose, California.