PANews reported on November 14th that, according to Decrypt, the Independent Community Bankers Association (ICBA) has sent a letter to the Office of the Comptroller of the Currency (OCC) requesting that Sony Bank's Connectia Trust apply for a national trust license to issue a US dollar stablecoin. The ICBA claims that the stablecoin possesses "deposit-like" characteristics but is not subject to Federal Deposit Insurance or the Canada Revenue Agency (CRA), potentially triggering restrictions under the Bank Holding Company Act through debit cards and other means. The ICBA also questions the influence of the Sony Group over Sony Financial. Other companies seeking federal licenses include Coinbase, Circle, Ripple, Paxos, and Bridge (Stripe's stablecoin division).PANews reported on November 14th that, according to Decrypt, the Independent Community Bankers Association (ICBA) has sent a letter to the Office of the Comptroller of the Currency (OCC) requesting that Sony Bank's Connectia Trust apply for a national trust license to issue a US dollar stablecoin. The ICBA claims that the stablecoin possesses "deposit-like" characteristics but is not subject to Federal Deposit Insurance or the Canada Revenue Agency (CRA), potentially triggering restrictions under the Bank Holding Company Act through debit cards and other means. The ICBA also questions the influence of the Sony Group over Sony Financial. Other companies seeking federal licenses include Coinbase, Circle, Ripple, Paxos, and Bridge (Stripe's stablecoin division).
The American Community Bankers Association urges the OCC to block Sony's stablecoin license.
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PANews reported on November 14th that, according to Decrypt, the Independent Community Bankers Association (ICBA) has sent a letter to the Office of the Comptroller of the Currency (OCC) requesting that Sony Bank's Connectia Trust apply for a national trust license to issue a US dollar stablecoin. The ICBA claims that the stablecoin possesses "deposit-like" characteristics but is not subject to Federal Deposit Insurance or the Canada Revenue Agency (CRA), potentially triggering restrictions under the Bank Holding Company Act through debit cards and other means. The ICBA also questions the influence of the Sony Group over Sony Financial. Other companies seeking federal licenses include Coinbase, Circle, Ripple, Paxos, and Bridge (Stripe's stablecoin division).
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