[The Independent Community Bankers of America Urges OCC to Block Sony's Stablecoin License Application]
The Independent Community Bankers of America (ICBA) has submitted a letter to the U.S. Office of the Comptroller of the Currency (OCC), requesting it to block Connectia Trust, a subsidiary of Sony Bank, from obtaining a national trust license to issue a U.S. dollar stablecoin. ICBA pointed out that the stablecoin exhibits 'deposit-like' characteristics but is not subject to federal deposit insurance or the Community Reinvestment Act (CRA) and could potentially trigger restrictions under the Bank Holding Company Act through mechanisms such as debit cards. Additionally, ICBA raised concerns about Sony Group's influence over Sony Financial. Currently, several companies, including Coinbase, Circle, Ripple, Paxos, and the stablecoin division of Stripe, Bridge, are also seeking federal licenses.