SoFi CEO Anthony Noto announced that the fintech bank will re-enter the cryptocurrency investing space after a “fundamental shift” in the regulatory landscape under the Trump administration. The company was forced to drop crypto investing in late 2023 as a condition of becoming a regulated bank, but new guidance from the Office of the Comptroller of the Currency (OCC) has enabled them to plan an aggressive push back into crypto.
In an interview with CNBC, Noto explained that SoFi had previously allowed customers to invest in over 20 cryptocurrencies before being required to stop as part of receiving a bank charter. Customers were either transitioned to Blockchain.com or liquidated their holdings. Now, with the new regulatory environment, SoFi is planning not just to re-enter but to expand its cryptocurrency offerings across multiple product areas.
The announcement is seen as early evidence that banks are looking to further engage with crypto in the Trump era. Other major banks, such as Bank of America and Morgan Stanley, have also expressed readiness to get involved in crypto. The lines between traditional and digital finance are becoming increasingly blurred as crypto firms like Circle and BitGo plan to apply for bank charters.
SoFi, which positions itself as a “one-stop shop” for digital finance, recently reported first-quarter results that exceeded expectations, with significant revenue growth. The company raised its 2025 revenue and earnings guidance, showing confidence in its expansion plans.
Noto cited a recent letter from the OCC as a key factor in their decision, stating that OCC-regulated banks can operate in crypto businesses. This change in regulatory stance is expected to allow SoFi to expand beyond just investing in cryptocurrencies. Over the next six to 24 months, the company plans to integrate crypto or blockchain technology into all major product lines, potentially including borrowing against crypto holdings and using crypto for payments.
“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 said. The timeline for these developments could be accelerated through acquisitions, according to the CEO. SoFi aims to offer crypto investing by year-end, pending unforeseen circumstances.
