San Francisco-headquartered SoFi Technologies signaled Monday it would soon dive back into crypto following expectations the SEC would begin to clarify Crypto rules It is a The new Leadership.
While the firm once offered its customers the ability to trade 20 digital assets in the U.S.—including Bitcoin, EthereumThen, Dogecoin—the company called it quits in 2023, winding the service down after “careful consideration,” The following is a breakdown of the ‘according to a The following is a statement by the spokesperson At the time.
SoFi CEO Anthony Noto told reporters on Monday that the return of SoFi will be dependent upon regulatory clarity brought by President Donald Trump’s administration. Earnings call.
“We hope the administration and the regulators come up with clarity on what the outlook will be,” He said. “We will move as aggressively as anyone else once that is determined.”
Noto stated that SoFi’s 10 million crypto customers could see a vastly different experience than they did before. Depending on how the regulatory picture shakes out, he said everything from digital asset custody to clearing and asset-backed lending—a program that Coinbase restarted this month—may be on the table.
“As the regulation changes, we will be incredibly aggressively tied to crypto and be in as many businesses that we can be across the entire platform,” He said.
SoFi, a provider of financial services, offers its clients a wide range of products ranging from student loans and debit cards.
Bolstering The move was similar to that of Silicon Valley companies like Robinhood, which also expanded into this space.
Noto’s declaration comes not long after SEC's acting chairman, Mark Uyeda, said that the agency could “do better.” Last week the Commission unveiled Task force for crypto regulation without enforcement action, mirroring Trump’s election promise.
Then, you can follow the instructions. FTX crashes The SEC launched a massive regulatory assault in 2022. Vlad Tenev reacted to the SEC’s threat of enforcement against Robinhood. Decried The SEC’s response to crypto last year was a “improper attempt by the administrative state to stifle innovation.”
SoFi has made an effort to distinguish its investment service by making the platform unique. “one-stop shop,” Noto says that in 2018, customers showed that they were interested in crypto.
SoFi closed its crypto services by 2023 but has since expanded its offerings. SoFi launched its alternative investment platform in early 2024, allowing customers to access assets like the Japanese yen and gold.
Most SoFi customers in 2023 were given less that a month notice before the crypto funds they held were liquidated. They were then deposited back into their brokerage account. SoFi users were also able to migrate their cryptocurrency holdings from SoFi into a new Blockchain.com account.
SoFi didn’t immediately reply to an inquiry for comment. Decrypt.
Sebastian Sinclair is the editor