Ivan Soto-Wright, CEO of MoonPay, urged US lawmakers to maintain state-level authority in the upcoming stablecoin regulations. In a recent post, he emphasized the importance of keeping state-regulated issuers involved as Congress debates federal legislation, specifically the proposed GENIUS and STABLE Acts. Soto-Wright highlighted how state regulators have provided necessary clarity and protection for consumers in the cryptocurrency industry. He warned that the GENIUS Act could disproportionately favor federally permitted stablecoin issuers, potentially sidelining state-qualified ones. The situation is complicated as there are questions about whether these legislative measures will pass before being presented to President Trump, who has recently launched a stablecoin through World Liberty Financial, backed by notable investors. The state regulators' push for continued influence in the stablecoin market represents a significant debate about the balance of power between state and federal authorities in a rapidly evolving sector.

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