Ah, the illustrious Ivan Soto-Wright, the dashing CEO of MoonPay, has taken it upon himself to beseech the esteemed members of Congress to keep the state-level regulators in the delightful game of stablecoin legislation. One can only imagine the scene: a room full of lawmakers, all trying to decipher the cryptic language of cryptocurrency while sipping their overpriced lattes! ☕️
In a rather cheeky post on April 18, our gallant Soto-Wright implored Congress to “keep state-regulated issuers in the game.” How charming! He referenced the ongoing legislative ballet in both the House and Senate, where they are contemplating the GENIUS Act (yes, you heard that right) and the STABLE Act. One can only hope they don’t trip over their own feet! 💃
“While the cryptocurrency industry has been clamoring for federal legislation for eons,” he quipped, “it’s the state regulators who have been the true knights in shining armor, providing clarity and supervision.” Bravo! As the federal legislation approaches the finish line, he insists it’s crucial to maintain those delightful state pathways for our permitted stablecoin issuers, ensuring they’re not left out in the cold. After all, who doesn’t love a good regulatory showdown? 🎭
His sentiments were echoed by the Conference of State Bank Supervisors, who penned a letter to the House Financial Services Committee, suggesting a similar state-level approach. How original! Both the Senate Banking Committee and the House Financial Services Committee have already voted to advance these bills, paving the way for a full floor vote. One can only hope they don’t forget their lines! 🎤
The STABLE Act, a charming companion to the GENIUS Act, proposes to regulate payment stablecoins by limiting them to “permitted payment stablecoin issuers.” Soto-Wright, ever the dramatist, claimed the GENIUS bill “stacks the deck” in favor of federal regulators, leaving state-level ones to twiddle their thumbs. How very theatrical! 🎭
Trump Family’s New Stablecoin: A Family Affair!
Now, let’s not forget the Trump family, who have decided to wade into the stablecoin waters with their own venture through World Liberty Financial. Will they have the votes to pass these bills before the grand signing ceremony with President Trump? The suspense is positively riveting! 🎩
World Liberty Financial, which made its debut in September 2024, has already raked in a staggering $600 million from investors, including the ever-controversial Justin Sun. And yet, their USD1 stablecoin remains as tradable as a lead balloon as of March 24. Oh, the irony! 🎈
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2025-04-19 00:17