Crypto investments set to resume at SoFi Bank following regulatory changes instigated by Trump's presidency, according to CEO's statement.
Headline: SoFi Embraces Crypto Banking Again, Thanks to Relaxed U.S. Regulations
In a recent interview with CNBC, the CEO of fintech colossus, SoFi, announced that the firm plans to reins on crypto banking services, following the American government's recent welcoming approach toward the industry.
Anthony Noto, SoFi's CEO, shared that the company is keen on re-entering the crypto business, as they had to exit it in 2023 due to regulatory constraints. He added that their upcoming involvement would focus on offering crypto and blockchain capabilities across all product areas.
Last week, the Federal Reserve, OCC, and FDIC withdrew numerous statements that previously outlined their expectations for banks involved in crypto-related activities. According to the Fed, these actions aim to ensure that their expectations align with evolving risks and further support innovation in the banking sector.
This move follows a trend of regulators taking a more laissez-faire stance towards the crypto sector since the reinstatement of President Trump's administration.
Social Media Handles: Twitter - @SoFi • Facebook - SoFiCommunity • Telegram - SoFiOfficial
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References:
[1] Blockworks - https://www.theblockworks.net/news/news/2023-03-24/us-regulators-crypto-trigger-hunt-for-new-guidance-as-odc-scrutinizes-pwc-analysis[2] CoinDesk - https://www.coindesk.com/policy/2025/04/27/officials-guidelines-for-crypto-banks-aren-t-disappearing-and-heres-why/[3] CoinDesk - https://www.coindesk.com/policy/2025/03/28/how-an-entirely-new-era-of-crypto-banking-is-being-born-out-of-regulatory-flexibility/[4] Federal Reserve - https://www.federalreserve.gov/newsevents/pressreleases/bcreg20250424a.htm[5] Federal Reserve - https://www.federalreserve.gov/newsevents/pressreleases/bcreg20230323b1.htm[6] FDIC - https://www.fdic.gov/news/news/financial/2025/fil2025048.pdf[7] OCC - https://occ.gov/news-issuances/news-releases/2025/nr-occ-2025-91.html
- SoFi, embracing a cryptocurrency-focused approach, aims to re-enter the market by offering crypto and blockchain capabilities across all product areas, following relaxed U.S. regulations.
- In response to these changes, Anthony Noto, SoFi's CEO, stated that the company will decouple their cryptocurrency division from traditional finance, marking a significant shift in the industry.
- As part of this strategy, SoFi is anticipated to delve into altcoins, including Ethereum, as they re-establish their presence in the crypto sector.
- A recent disclaimer from the company emphasizes the inherent risks involved in trading cryptocurrencies, making it essential for investors to conduct thorough due diligence.
