SoFi, a major fintech company, is getting back into the cryptocurrency game. This comes after a change in the regulatory environment under the Trump administration.
SoFi’s Crypto Comeback
SoFi CEO Anthony Noto recently announced on CNBC that the company will once again allow its customers to invest in crypto. SoFi had to stop offering crypto services earlier in 2023 due to regulatory pressure. Noto stated that they plan to make a “bigger, more comprehensive push” into crypto this time, even integrating crypto and blockchain technology into other SoFi products.
Easing Regulatory Pressure
This move by SoFi follows a recent shift in how regulators view crypto. The Federal Reserve withdrew previous statements regarding bank involvement with crypto, saying they want to keep up with evolving risks and encourage innovation. This more relaxed approach is seen as a result of the Trump administration’s policies. The Fed will now monitor crypto activity through its standard supervisory process.
