- “Over the past year, several meltdowns in the crypto market have wiped out trillions in value, including another huge crash last week,” the lawmakers said in a letter to Noto. “We are concerned that SoFi’s continued nonbank digital asset trading activities pose risks to consumers and safety and soundness risks to your institution.”
- The Federal Reserve granted SoFi permission to operate as a national bank at the beginning of this year, noting that the company’s cryptocurrency unit must be divested or brought into compliance within two years of the approval.
- “We are concerned that SoFi’s continued impermissible digital asset activities demonstrate a failure to take seriously its regulatory commitments and to adhere to its obligations,” the lawmakers added.
