US Digital Bank SoFi to Reintroduce Cryptocurrency Services by 2025
SoFi Technologies plans to reintroduce cryptocurrency services by the end of 2025, reversing its earlier decision to suspend such offerings in 2023. This change follows new regulatory developments that facilitate banks' engagement with digital assets.
CEO Anthony Noto stated:
“We’re re-entering the crypto business, which we had to exit. We’ll allow our members to invest in cryptocurrency and aim to integrate blockchain capabilities across all our product areas.”
Initial Withdrawal Reasons
SoFi’s exit from the crypto market was driven by strict regulatory scrutiny during its bid for a U.S. bank charter. Recent guidance from the Office of the Comptroller of the Currency (OCC) has relaxed these regulations.
The company aims to provide:
- Investment options in cryptocurrency
- Blockchain integration in lending and savings products
- Potential crypto-based payment solutions
Impact of the Trump Administration on Cryptocurrency
- Strategic Bitcoin Reserve: In March 2025, President Trump established a Strategic Bitcoin Reserve, positioning the U.S. as a significant Bitcoin holder globally.
- Regulatory Reforms: The SEC under Trump's administration dismissed lawsuits against major crypto firms like Coinbase and Ripple, indicating a more supportive regulatory approach.
- Promotion of Crypto Innovation: Officials with pro-crypto views, including a designated "crypto czar," have been appointed to foster growth in the digital asset sector.
These initiatives aim to enhance the United States' leadership in cryptocurrency and support innovation while clarifying regulatory frameworks for the industry.