The Independent Community Bankers of America (ICBA) has called on regulators to reject Sony Bank's application to launch a dollar-pegged stablecoin via its proposed Connectia Trust. The ICBA argues that the plan misuses trust bank powers and risks misleading customers by blurring the distinction between stablecoins and traditional bank deposits. Additionally, the group expressed concerns over regulatory compliance, transparency, and the potential risks associated with approving a crypto venture lacking full banking oversight.