Sofi is storming back into crypto with full force, leveraging a pivotal regulatory shift to embed digital assets across its financial ecosystem.
Regulatory Update Sparks Sofi’s Crypto Reentry
Anthony Noto, chief executive officer of fintech company Sofi, confirmed in an interview with CNBC on Monday that the digital finance platform intends to reintroduce cryptocurrency services later this year. Noto explained that a change in regulatory guidance from the Office of the Comptroller of the Currency (OCC) has opened the door for Sofi’s return to digital assets, following its forced withdrawal in 2023 during its transition to a fully regulated bank.
Under regulatory pressure tied to its bank charter, Sofi had discontinued crypto investment offerings, previously providing access to more than 20 coins. The executive affirmed:
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.
This time, he said: “We want to actually make a bigger, more comprehensive push into cryptocurrency, to include really providing crypto or blockchain capabilities in each product area that we have.” The renewed approach comes as major financial institutions signal readiness to engage with crypto under a less restrictive regulatory landscape encouraged by the Trump administration.
Looking forward, Noto said Sofi aims to embed crypto and blockchain technology across its full suite of services. He elaborated:
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.
Noto also cited the importance of the updated OCC stance: “That basically said that OCC-regulated banks can operate in crypto businesses, and that is a fundamental shift in the regulatory landscape.” Sofi, which reported its fastest revenue growth in over a year and raised its 2025 forecasts this week, expects to relaunch crypto investing by the end of 2025, barring unexpected hurdles. Future offerings could include crypto-backed loans and crypto-integrated payment solutions, according to Noto.
Source: Bitcoin
