SoFi CEO Anthony Noto announced that the fintech company is poised to reintroduce cryptocurrency investment options this year, attributing this shift to changes in the regulatory environment under the Trump administration.
Previously, SoFi had to cease its cryptocurrency investment services in late 2023 in order to secure a bank charter amidst increasing federal scrutiny over digital assets. At that time, customers who had access to a variety of crypto coins were either redirected to Blockchain.com or forced to liquidate their cryptocurrency positions.
In a recent interview with Finance Newso, Noto indicated that recent guidance from the Office of the Comptroller of the Currency has paved the way for SoFi’s return to the crypto market. “We’re going to re-enter the crypto business, which we had to exit,” he stated. “We aim to embark on a more comprehensive strategy with cryptocurrency this time, incorporating crypto and blockchain capabilities in all product areas.”
SoFi’s impending re-entry into the crypto space signals a broader trend of banks expanding their engagement with digital currencies during the Trump administration. Earlier this year, the heads of Bank of America and Morgan Stanley expressed their readiness to explore cryptocurrency investments. Additionally, firms such as Circle and BitGo are seeking bank charters, further merging traditional banking with digital finance.
On Tuesday, SoFi reported first-quarter results that exceeded expectations, recording the company’s fastest revenue growth in over a year. Unlike many other firms struggling amid recession fears, SoFi also upgraded its revenue and earnings projections for 2025.
Noto indicated that the company is aiming to enable crypto investing by the end of the year, assuming no major unforeseen obstacles. He highlighted a recent letter indicating that banks regulated by the OCC could now engage in cryptocurrency activities, which he sees as a significant regulatory shift.
The CEO anticipates that the evolving regulatory framework, which has seen Trump appointees relax restrictions on crypto and the ongoing development of stablecoin regulations in Congress, will enable SoFi to broaden its activities in the digital currency realm.
Over the next six to 24 months, SoFi plans to integrate cryptocurrency and its underlying technology across its major product offerings, with the possibility of accelerating this timeline through acquisitions, according to Noto. “Our aspirations are as vast as those for any other product we offer, and we believe we can utilize this technology across lending, savings, spending, investing, and safeguarding,” he asserted.
Future offerings could potentially include loans secured by cryptocurrency held with SoFi, as well as the capability to utilize crypto for payments, Noto explained.
