Ah, the sweet sound of regulatory approval. It’s like the opening of a fresh bottle of champagne – sparkling, full of promise, and just a little bit too complicated for anyone to fully understand. But MoonPay, the cryptocurrency payments company that’s more about “regulation” than “revolution,” has just been handed a trust charter from New York’s Department of Financial Services (NYDFS). Yes, folks, it’s official: MoonPay is now officially more trusted than your friend who “definitely” will pay you back tomorrow.
In a rather unremarkable Tuesday notice, MoonPay triumphantly announced that New York’s esteemed financial regulator had deemed them worthy of this rare honor. What does this mean? Well, it means they can now offer crypto custody and over-the-counter trading services in New York. Big deal, right? In a world where people are still trying to figure out how to turn their Bitcoins into cold, hard cash, this seems like progress. Don’t you think?
Ivan Soto-Wright, the co-founder and CEO of MoonPay (who probably celebrates every win like it’s a Nobel Prize), said the approval will help the company “deepen relationships with global financial institutions.” Translation: MoonPay’s ready to cozy up to big, serious money, and maybe even convince them that cryptocurrency isn’t just a fad. In case you were wondering, MoonPay already secured a BitLicense from NYDFS back in June – another notch on their regulatory belt. The crowd goes wild.
But, wait, MoonPay isn’t the only one dancing the regulatory waltz in New York. Other crypto and payment giants like Ripple Labs, Coinbase, and NYDIG have also received both trust charters and BitLicenses. Oh, and for the curious souls, Coinbase and Ripple are still waiting for the federal trust charter to come through from the US Office of the Comptroller of the Currency. As of Tuesday, no decision was made. Because, you know, why rush these things?
Pivots, Stablecoins, and Acts of GENIUS
But here’s where things get spicy. The GENIUS Act, signed into law back in July, is like that mysterious friend who shows up at a party uninvited, but suddenly becomes the center of attention. This act establishes a framework for payment stablecoins. And guess what? Several crypto companies have decided that it’s time to jump on the stablecoin bandwagon. After all, if you can’t beat ‘em, join ‘em, right?
MoonPay, ever the eager beaver, announced on November 13 that they were launching an initiative allowing issuers to create and distribute their very own stablecoins. They’re basically handing out “get rich quick” cards for anyone who wants one. Meanwhile, Visa and Bank of America are also getting in on the action, with Visa extending stablecoin offerings on its settlement platform and Bank of America’s CEO hinting at a stablecoin collaboration with other financial institutions. Could this be the beginning of a stablecoin revolution? Probably. Will we still understand it? Highly unlikely.
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2025-11-25 19:34