Fintech giant SoFi plans crypto comeback by year-end, riding Trump-era regulatory shift
The post Fintech giant SoFi plans crypto comeback by year-end, riding Trump-era regulatory shift appeared on BitcoinEthereumNews.com. SoFi CEO Anthony Noto has confirmed that the fintech company plans to reintroduce cryptocurrency investing by the end of the year, following a “fundamental shift” in the regulatory environment influenced by policies under the Trump administration. SoFi was compelled to discontinue its crypto investing services in late 2023 as a condition for securing its bank charter during a period of intensified federal scrutiny of digital assets. At the time, users could trade over 20 cryptocurrencies but were either redirected to Blockchain.com or required to liquidate their holdings. Thanks to updated guidance from the Office of the Comptroller of the Currency (OCC), SoFi is preparing a more ambitious return to the crypto space, Noto told CNBC in an interview aired late Monday. “We’re going to re-enter the crypto business, which we had to exit,” Noto said. “This time, we’re planning a broader, more integrated approach—embedding crypto or blockchain capabilities across all of our product areas.” SoFi’s crypto comeback tracks growing interest in digital assets SoFi’s move signals renewed interest from traditional financial institutions in crypto, particularly under a Trump-era regulatory environment. In January, the CEOs of Bank of America and Morgan Stanley expressed readiness to explore crypto opportunities, while digital-native firms like Circle and BitGo are pursuing banking licenses, further merging the boundaries between legacy finance and digital assets. According to Noto, SoFi aims to resume crypto investing services by year-end, pending any unforeseen regulatory or operational setbacks. He pointed to a recent OCC letter clarifying that federally regulated banks can engage in crypto activities—a move he described as a “fundamental shift” in the oversight of digital finance. With a more favorable regulatory climate emerging—driven by deregulatory moves from Trump-appointed officials and proposed legislation to formalize stablecoin oversight—Noto believes SoFi can go beyond crypto investing. Over the next six to 24…
The post Fintech giant SoFi plans crypto comeback by year-end, riding Trump-era regulatory shift appeared on BitcoinEthereumNews.com.
SoFi CEO Anthony Noto has confirmed that the fintech company plans to reintroduce cryptocurrency investing by the end of the year, following a “fundamental shift” in the regulatory environment influenced by policies under the Trump administration. SoFi was compelled to discontinue its crypto investing services in late 2023 as a condition for securing its bank charter during a period of intensified federal scrutiny of digital assets. At the time, users could trade over 20 cryptocurrencies but were either redirected to Blockchain.com or required to liquidate their holdings. Thanks to updated guidance from the Office of the Comptroller of the Currency (OCC), SoFi is preparing a more ambitious return to the crypto space, Noto told CNBC in an interview aired late Monday. “We’re going to re-enter the crypto business, which we had to exit,” Noto said. “This time, we’re planning a broader, more integrated approach—embedding crypto or blockchain capabilities across all of our product areas.” SoFi’s crypto comeback tracks growing interest in digital assets SoFi’s move signals renewed interest from traditional financial institutions in crypto, particularly under a Trump-era regulatory environment. In January, the CEOs of Bank of America and Morgan Stanley expressed readiness to explore crypto opportunities, while digital-native firms like Circle and BitGo are pursuing banking licenses, further merging the boundaries between legacy finance and digital assets. According to Noto, SoFi aims to resume crypto investing services by year-end, pending any unforeseen regulatory or operational setbacks. He pointed to a recent OCC letter clarifying that federally regulated banks can engage in crypto activities—a move he described as a “fundamental shift” in the oversight of digital finance. With a more favorable regulatory climate emerging—driven by deregulatory moves from Trump-appointed officials and proposed legislation to formalize stablecoin oversight—Noto believes SoFi can go beyond crypto investing. Over the next six to 24…
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