ICBA opposes Sony Bank's request for stablecoin issuance in America

The Independent Community Bankers of America (ICBA) calls on regulators to deny Sony Bank's request for a national trust bank charter to issue stablecoin. In a letter to the Office of the Comptroller of the Currency (OCC), ICBA argues that Sony is exploiting a legal loophole to evade traditional bank oversight. ICBA states that Sony's proposed subsidiary,

Connectia Trust is misinterpreting banking laws and may pose risks to consumers in the event of insolvency. Connectia intends to issue a USD-pegged stablecoin, manage reserve assets, and provide digital asset custody services—activities similar to deposits but without federal insurance. ICBA warns that Sony could benefit from a banking license without fully complying with regulations, while also expressing concerns about the ownership structure and OCC's limited experience with uninsured crypto organizations.