EddieJayonCrypto
29 Apr 25
SoFi CEO Anthony Noto announced the company is resuming its crypto banking services after halting them in 2023 due to regulatory pressure. The firm plans to expand cryptocurrency offerings across its products. This decision aligns with the Federal Reserve's recent withdrawal of previous guidance on ...
SoFi is set to re-enter and expand its cryptocurrency offerings, buoyed by the new presidential administration’s more favorable regulatory environment.
Following the Federal Reserve’s withdrawal of previous guidance on crypto banking activities, signaling a more innovation-friendly and less stringent supervisory approach, SoFi CEO Anthony Noto confirmed the company’s decision to resume crypto banking services after halting them in 2023 due to regulatory pressure.
Noto emphasized that SoFi plans to make a bigger, more comprehensive push into cryptocurrency by integrating crypto and blockchain capabilities across all its product areas, allowing members to invest in cryptocurrencies again.
The Federal Reserve's recent withdrawal of four previous statements related to crypto-asset banking expectations aims to keep the Board’s approach aligned with evolving risks and to support innovation while maintaining normal supervisory processes.
This regulatory shift reflects a broader trend of increased openness towards the crypto sector under the new presidential administration, bringing renewed optimism for fintech firms like SoFi looking to expand digital asset services.