According to reports from CNBC, SoFi CEO Anthony Noto stated that after a "fundamental shift" in the regulatory environment under the Trump administration, SoFi will relaunch cryptocurrency investment services this year.
As one of the conditions for obtaining a banking license, SoFi was forced to halt cryptocurrency investment services by the end of 2023, during a period when the federal government was intensifying scrutiny of digital assets. Reports indicated that users could trade over 20 types of cryptocurrencies at that time, and later, 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 planning to actively re-enter the cryptocurrency market. Noto stated in an interview with CNBC on Monday:
"We will reopen this business, allowing members to invest in cryptocurrency. This time we hope to drive cryptocurrency on a larger scale and more comprehensively, including providing cryptocurrency or blockchain features in every product area we have."
SoFi's statement is an early sign of the banking sector seeking to re-enter the cryptocurrency space during the Trump era. This January, the CEOs of Bank of America and Morgan Stanley both indicated they were ready to venture into cryptocurrency business. Meanwhile, cryptocurrency companies, including Coinbase, are also planning to apply for banking licenses.
Plans to apply cryptocurrency technology in various businesses
Noto indicated that as long as there are no unexpected developments, SoFi should be able to resume cryptocurrency investment services by the end of the year. He specifically referenced a recent letter that essentially mentioned, "Banks regulated by the OCC can engage in cryptocurrency business, marking a fundamental shift in the regulatory environment."
The CEO stated that he expects the current regulatory environment (where officials appointed by Trump have lifted restrictions on cryptocurrencies, coupled with a stablecoin regulatory framework under congressional review) will allow the company to expand into more areas beyond investments. Within the next 6 to 24 months, SoFi plans to introduce cryptocurrency or its underlying technology across all major product lines. He added that this timeline could accelerate with acquisition activities.
Noto stated: "Our vision is as grand as other products, and we believe we can apply this technology to areas such as lending, saving, spending, investing, and insurance."
Noto revealed that future products may include borrowing based on the value of cryptocurrencies held by users in SoFi, or making payments using cryptocurrencies.
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