Sony Applies to Establish National Crypto Bank, Issue Stablecoin for US Dollar (cryptonews.com) 44
An anonymous reader shared this report from Cryptonews:
Sony has taken Wall Street by surprise after its banking division, Sony Bank, filed an application with the U.S. Office of the Comptroller of the Currency (OCC) to establish a national crypto bank under its subsidiary "Connectia Trust." The move positions the Japanese tech giant to become one of the first major global corporations to issue a U.S. dollar-backed stablecoin through a federally regulated institution. The application outlines plans to issue a U.S. dollar-pegged stablecoin, maintain the reserve assets backing it, and provide digital asset custody and management services.
The filing places Sony alongside an elite list of firms, including Coinbase, Circle, Paxos, Stripe, and Ripple, currently awaiting OCC approval to operate as national digital banks. If approved, Sony would become the first major global technology company to receive a U.S. bank charter specifically tied to stablecoin issuance....
The Office of the Comptroller of the Currency "has received over 15 applications from fintech and crypto entities seeking trust charters," according to the article, calling it "a sign of renewed regulatory openness" under the office's new chief, a former blockchain executive.
Meanwhile, the United States has also "conditionally given the nod to a new cryptocurrency-focused national bank launched by California tech billionaire Palmer Luckey," reports SFGate: To bring the bank to life, Luckey joined forces with JoeLonsdale, co-founder of Palantir and venture firm 8VC, and financial backer and fellow Palantir co-founder Peter Thiel, according to the Financial Times. Luckey conceived the idea for Erebor following the collapse of the Silicon Valley Bank in 2023, the Financial Times reported. The bank's name draws inspiration from J.R.R. Tolkien's "The Hobbit," referring to another name for the Lonely Mountain in the novel...
The OCC said it applied the "same rigorous review and standards" used in all charter applications. The ["preliminary"] approval was granted in just four months; however, compliance and security checks are expected to take several more months before the new bank can open.
"I am committed to a dynamic and diverse federal banking system," America's Comptroller of the Currency said Wednesday, "and our decision today is a first but important step in living up to that commitment."
"Permissible digital asset activities, like any other legally permissible banking activity, have a place in the federal banking system if conducted in a safe and sound manner. The OCC will continue to provide a path for innovative approaches to financial services to ensure a strong, diverse financial system that remains relevant over time."
The filing places Sony alongside an elite list of firms, including Coinbase, Circle, Paxos, Stripe, and Ripple, currently awaiting OCC approval to operate as national digital banks. If approved, Sony would become the first major global technology company to receive a U.S. bank charter specifically tied to stablecoin issuance....
The Office of the Comptroller of the Currency "has received over 15 applications from fintech and crypto entities seeking trust charters," according to the article, calling it "a sign of renewed regulatory openness" under the office's new chief, a former blockchain executive.
Meanwhile, the United States has also "conditionally given the nod to a new cryptocurrency-focused national bank launched by California tech billionaire Palmer Luckey," reports SFGate: To bring the bank to life, Luckey joined forces with JoeLonsdale, co-founder of Palantir and venture firm 8VC, and financial backer and fellow Palantir co-founder Peter Thiel, according to the Financial Times. Luckey conceived the idea for Erebor following the collapse of the Silicon Valley Bank in 2023, the Financial Times reported. The bank's name draws inspiration from J.R.R. Tolkien's "The Hobbit," referring to another name for the Lonely Mountain in the novel...
The OCC said it applied the "same rigorous review and standards" used in all charter applications. The ["preliminary"] approval was granted in just four months; however, compliance and security checks are expected to take several more months before the new bank can open.
"I am committed to a dynamic and diverse federal banking system," America's Comptroller of the Currency said Wednesday, "and our decision today is a first but important step in living up to that commitment."
"Permissible digital asset activities, like any other legally permissible banking activity, have a place in the federal banking system if conducted in a safe and sound manner. The OCC will continue to provide a path for innovative approaches to financial services to ensure a strong, diverse financial system that remains relevant over time."
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it's incredible that you are able to get the structure of the fed, the treasury, private corporation structure, JFK, greenbacks and LBJ completely wrong on the facts, pass it off as confidently correct and then sprinkle a conspiracy on top of that. 9 sentences and every one of them wrong but it's so much bullshit why should anyone waste time correcting it when youll just fire back another 10 incorrect points
this is the game, malicious or stupid. malicious stupidity on display
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Does it matter if the government appointed board members are not "controlled" by the government if they will do exactly what the President wants, because he picks them?!?
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You're welcome to not buy their product, unlike FRN.
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If it's one thing life has taught me instead old people suck. And that includes me.
I don't agree. The reality is that most people suck. With old ones and very young ones, it is just more visible.
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Naa. Most people are born dumb, live dumb and die dumb. The average human lifespan is far, far too short to get wisdom.
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It's not just at most people don't learn it's that they are actively hostile to it. They choose ignorance over knowledge because ignorance feels good.
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I'm not asking for wisdom I'm asking for people to learn a God damn thing in 50 years. I don't think that's unreasonable.
Reasonable? Yes. Realistic? Not at all. Most people are as dumb when they are old as they were all along.
It's not just at most people don't learn it's that they are actively hostile to it. They choose ignorance over knowledge because ignorance feels good.
That is spot-on, unfortunately. The story of Pandora is more relevant than ever.
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Because they stopped thinking about the future.
More accurately the future is very short. We are thinking 10 years ahead not 50 years. But the other side of that coin is that if they want the world to change,old people are impatient and they want the changes to happen now.
I think its also important to realize there are people of all ages who spend their time looking back complaining about what happened. There are also people who are always looking forward and recognize the "past is past". The question is not what we should have done, but what to do ne
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Indeed. 10 years is pretty pathetic. As to the past: Yes. But you need to learn from it. If you do not, the same dumb mistakes will be made time and again. And hence "what should we have done" is very relevant to "what should we do".
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you need to learn from it
Sure. But "what should I have done" is irrelevant. The question is what should I do given that lesson. And people who do the former often learn the wrong lessons because they are constantly trying to relive the past.
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I think we have a semantics issue here. To me "what should I have done" and "what should I do given that lesson" are just two consecutive steps. Also, "what should I have done" does include an analysis of "what could I have done". The first one is analysis, and as such necessary, the second one a decision in part based on the results of that analysis.
Maybe you associate guilt, shame or something like it with "what should I have done"? If so, that is not a required part at all. It is something separate and i
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To me "what should I have done" and "what should I do given that lesson" are just two consecutive steps.
I understand you see it that way. You are wrong. Speculating about what you should have done is irrelevant to what you should do now. You are using the imagined outcome of your alternative with no way of knowing what the actual results would have been. There is a big difference between asking what should I do next and imagining an alternative past whose reality you have no way of testing.
How the mighty have fallen (Score:2)
I remember a time when Sony deserved the greatest respect
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I do too. A long, long time ago.
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Sony wants to print money? (Score:2)
Sure, and they are entirely trustworthy and never had, say, their complete corporate email system hacked.
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That makes them about as qualified as any other bank. At least Sony only let out email addresses. Bank of America let out credit card information.
corporations just want to make money (Score:2)
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No, corporations have a single responsibility to adhere to their charter (within the bounds of the law). Not all corporate charters prioritize return on investment to shareholders.
bastion of security (Score:2)
Oh yes, Sony, that Bastion of Security. Sony is of course well known for making choices in the interests of its audience, like rootkits. Sony is also well know for not fending off countless cyber incidents.
Why wouldn't I trust them with my cash?
Digital assets: backed by chains of nothingness! (Score:2)
No chains needed for Paypal's stablecoin (Score:1)
One More Evil Stop Towards Cyberpunk 2077 (Score:1)
Is this strategy the same as Arasaka or the Galactic Empire eventually accepting only their own currency?
What do I need a "stable coin" for? (Score:1)
I know I'm slow and dumb, but I still don't understand why I, as a consumer, would need or want this product.
I have a credit card. I just pay with that.
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I read the Wikipedia entry.
Seems like it is designed to solve problems simply don't have.
If I need to make a cross-border payment, a rarity, I can just use a credit card.
I don't buy volatile or any other kind of crypto coins.
I mostly buy shit on Amazon and pay my utility bills and mortgage and stuff around town. What do I need a "stable coin" for?
I know I'm dumb, but I just don't get it.
It's not a trick... (Score:2)
...it's a Sony fake money.
Old, retired & NOT going to do something stupi (Score:2)
I saw this show (Score:2)