Ivan Soto-Wright, CEO of MoonPay, urges US lawmakers to maintain state-level regulatory options for stablecoins as Congress deliberates on new legislation. In a recent post, Soto-Wright emphasized the importance of allowing state-regulated issuers to remain competitive alongside federal frameworks, reflecting concerns over proposed bills like the SENATE GENIUS Act and the HOUSE STABLE Act, which may restrict the role of state authorities. Soto-Wright pointed out that state regulators have historically provided essential clarity and oversight in the burgeoning cryptocurrency sector, ensuring consumer protection and fostering growth. Additionally, he criticized the GENIUS Act for potentially favoring federally permitted stablecoin issuers over those regulated at the state level. The outcome of these legislative efforts remains uncertain, with the possibility of these bills facing hurdles before reaching a final vote in Congress. As these discussions unfold, the broader implications for state regulatory paths in the cryptocurrency industry are a focal point of concern for stakeholders.

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