TechFlow news, November 14 — According to Decrypt, the Independent Community Bankers of America (ICBA) has sent a letter to the U.S. Office of the Comptroller of the Currency (OCC), urging it to block Sony Bank’s application to establish Connectia Trust, a subsidiary intended to issue stablecoins. ICBA warned that Sony Bank is exploiting regulatory loopholes to circumvent traditional banking regulations, which could lead to consumer confusion and harm. Currently, several crypto firms including Coinbase, Circle, and Ripple are also applying for similar federal trust charters to advance the development of the stablecoin market.
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