The head of a fintech giant SoFi says the firm is bringing back crypto banking thanks to the new presidential administration’s stance on the industry.
In a new interview with CNBC, SoFi CEO Anthony Noto says crypto is returning to the company after SoFi had to halt crypto activities in 2023 due to regulatory pressure.
“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. 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.”
Last week, the Federal Reserve said it withdrew four previous statements and letters regarding the Fed’s expectations of banking crypto activities.
“The Federal Reserve Board on Thursday announced the withdrawal of guidance for banks related to their crypto-asset and dollar token activities and related changes to its expectations for these activities.
These actions ensure the Board’s expectations remain aligned with evolving risks and further support innovation in the banking system.”
The Reserve Board said it plans to continue to monitor crypto activities under a “normal supervisory process.”
The move follows a trend of regulators taking a more relaxed stance against the crypto sector since the reinstatement of President Trump and his new administration.
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