An increasing number of crypto companies are attempting to become banks, but the industry doesn’t want them. Dylan Tokar reports in The Wall Street Journal:

In addition to Ripple, Coinbase and the U.K. payments company Wise, other applicants for trust charters include Sony Bank, a Japanese commercial bank whose parent company is partially owned by the electronics and entertainment conglomerate.

Banking lobby groups argue that approving the flood of applications could threaten the stability of the financial system. They say companies such as Ripple want to compete for banks’ customers without shouldering the same regulatory oversight, such as stringent capital requirements. Other critics of looser regulation point out that since the 2008-09 financial crisis, regulators have been highly restrictive about who could launch a bank and what banks can do—for good reason, they say.

The Bank Policy Institute in recent weeks sent letters urging the Office of the Comptroller of the Currency to reject the Ripple, Wise and Sony applications, among others. The Independent Community Bankers of America, a trade group representing smaller banks, also wrote in opposition.

Read more here.