According to CNBC,
Anthony Noto, CEO of the American fintech company SoFi, stated that following a “fundamental shift” in the regulatory environment under the Trump administration, SoFi plans to relaunch its cryptocurrency investment services this year.
As one of the conditions for obtaining a banking license, SoFi was forced to halt its cryptocurrency investment services by the end of 2023, coinciding with the federal government’s increased scrutiny of digital assets. At that time, users could trade over 20 types of cryptocurrencies, after which users’ crypto assets were transferred to Blockchain.com or liquidated for cash.
However, following new guidelines issued by the Office of the Comptroller of the Currency (OCC), SoFi is actively planning to re-enter the cryptocurrency market. Noto stated in an interview with CNBC on Monday:
SoFi’s statement is an early indication of the banking sector’s desire to return to the cryptocurrency space during the Trump era. In January of this year, the CEOs of Bank of America and Morgan Stanley both indicated they were ready to engage in the cryptocurrency business. Meanwhile, cryptocurrency firms, including Coinbase, are also planning to apply for banking licenses.
Plans to Apply Cryptographic Technology Across Various Businesses
Noto mentioned that, barring any unforeseen circumstances, SoFi should be able to resume its cryptocurrency investment services by the end of the year. He specifically referenced a recent letter that essentially stated, “Banks regulated by the OCC can engage in cryptocurrency business, which marks a fundamental change in the regulatory environment.”
The CEO expressed his expectation that the current regulatory environment (where officials appointed by Trump have lifted restrictions on cryptocurrencies, along with a stablecoin regulatory framework currently under congressional review) will allow the company to expand into more business areas beyond investment. Within the next 6 to 24 months, SoFi plans to incorporate cryptocurrency or its underlying technology into all major product lines. He added that this timeline could accelerate with acquisition activities.
Noto revealed that future products may include the ability to borrow against the value of cryptocurrencies held by users in SoFi or to make payments using cryptocurrencies.
