SoFi Brings Crypto Back After Trump Policy Changes

SoFi Technologies, Inc. SOFI plans to bring cryptocurrency investing back to the firm by the end of 2025, citing a major shift in the regulatory environment under the Trump administration. 

What To Know: SoFi was forced to discontinue its crypto investment services in late 2023 as a condition for obtaining a bank charter amid heightened federal scrutiny of digital assets. At that time, SoFi customers who had access to more than 20 cryptocurrencies were either redirected to Blockchain.com or required to liquidate their holdings.

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SoFi CEO Anthony Noto told CNBC in an interview that the firm plans a more comprehensive approach this time. The goal is to embed crypto and blockchain capabilities across all of its product lines, including lending, savings, spending, investing and protection.

“We’re going to re-enter the crypto business, which we had to exit,” Noto said. “We’ll re-enter the business of allowing our members to invest in cryptocurrency. We want to actually make a bigger, more comprehensive push into cryptocurrency [this time], to include really providing crypto or blockchain capabilities in each product area that we have.”

The decision to re-enter the crypto market comes after new guidance from the Office of the Comptroller of the Currency. OCC-regulated banks may now engage in cryptocurrency activities without prior approval. Noto called the move a “fundamental shift” in the regulatory landscape.

The Details: SoFi plans to integrate crypto or blockchain technology into all major product areas in the next six to 24 months. Noto says there is a possibility of accelerating this timeline through acquisitions. 

The CEO added that SoFi’s future offerings may include crypto-backed loans and payment options that allow customers to use digital assets directly. 

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