The Office of the Comptroller of the Currency (OCC) has been pressured to turn down Sony Bank’s bid to enter US crypto banking. According to reports, letters from banking and community groups filed in early November have raised sharp opposition about the plan and its possible effects.

Sony’s Bank Plan

Sony Bank filed to form a national trust bank called Connectia Trust, according to filings and public reports. The plan would allow Connectia to manage reserves for a US dollar-pegged stablecoin and offer custody and asset-management services for digital tokens.

The OCC issued Interpretive Letter 1183 in March 2025, which clarified that national banks may perform certain crypto activities when they meet risk controls. Trust banks, however, do not take FDIC-insured deposits, and that

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