TLDR:

SoFi plans to reintroduce cryptocurrency investing by year-end after previously halting services
New regulatory guidance from the OCC under Trump administration enables the return
Beyond trading, SoFi intends to integrate blockchain across all product lines within two years
Future offerings may include crypto-backed loans and payment solutions
CEO Anthony Noto calls the regulatory change a “fundamental shift” in the landscape

SoFi, the digital financial services company, has announced plans to reenter the cryptocurrency market following a more favorable regulatory environment under the Trump administration. CEO Anthony Noto confirmed the move in a recent interview with CNBC, citing a “fundamental shift” in the regulatory landscape as the key factor enabling their return.

The fintech bank was forced to exit the crypto space in late 2023 as a condition of receiving its bank charter during a period of heightened federal scrutiny of digital assets. At that time, customers who had access to more than 20 cryptocurrency offerings were either transferred to Blockchain.com or had to liquidate their holdings.

Recent guidance from the Office of the Comptroller of the Currency (OCC) has cleared the path for SoFi’s comeback. The March directive eased compliance expectations for banks operating in the digital asset space, creating an opportunity for the company to revive its crypto ambitions.

Noto stated, “We’re going to re-enter the crypto business, which we had to exit. We’ll re-enter the business of allowing our members to invest in cryptocurrency.” The CEO expressed confidence that barring unforeseen circumstances, SoFi should be able to offer cryptocurrency investing by the end of the year.

Beyond Simple Trading

SoFi’s vision extends well beyond merely reintroducing cryptocurrency trading. The company plans to make a “bigger, more comprehensive push” into the crypto space this time around.

Over the next six to 24 months, SoFi aims to adopt crypto or its underlying blockchain technology across all major product lines. This timeline could potentially be accelerated through strategic acquisitions, according to Noto.

“Our aspirations are as broad as they are for any other product that we have, and we believe we can leverage the technology across lending and savings and spending and investing and protecting,” the CEO explained in his interview.

The expanded vision includes innovative offerings like crypto-backed loans, which would allow customers to borrow cash based on the value of their cryptocurrency holdings with SoFi. The company is also exploring payment solutions tied to users’ digital assets, signaling a deeper commitment to the sector.

This ambitious strategy represents an attempt to integrate blockchain capabilities into each of SoFi’s product areas, creating a more comprehensive crypto ecosystem within their existing “one-stop shop” for digital finance.

The announcement comes as SoFi reported strong first-quarter results that exceeded expectations, with the fastest revenue growth in over a year. Unlike other companies concerned about recession, SoFi raised its guidance for 2025 revenue and earnings.

SoFi’s move appears to be part of a broader trend of financial institutions looking to expand into cryptocurrency during the Trump administration. In January, the CEOs of Bank of America and Morgan Stanley indicated their institutions were ready to get involved in crypto.

At the same time, crypto firms including Circle and BitGo are planning to apply for bank charters or licenses, further blurring the lines between traditional and digital finance.

The broader cryptocurrency market is currently experiencing a measured cooling. At the time of writing, the global market cap sits at $2.92 trillion following a modest 1.78% dip, with Bitcoin retreating to $93,222 after briefly touching $95,000.

Despite this pullback, the market shows signs of resilience. Traders remain composed, and the absence of mass profit-taking suggests growing confidence and sustained demand—creating a potentially favorable backdrop for SoFi’s renewed crypto ambitions.

The company’s previous crypto offering included access to more than 20 cryptocurrencies before they were forced to halt services. Now, with regulatory hurdles diminishing, SoFi is positioning itself to capitalize on the evolving digital asset landscape with a more comprehensive approach than before.

The post SoFi’s Crypto Comeback: Banking on Trump-Era Regulatory Shift appeared first on CoinCentral.

---

Filed under: News - @ May 1, 2025 9:21 am