Democrats Renew Push For Cryptocurrency Regulations

  • “Over the past year, several meltdowns in the crypto market have wiped out trillions in value, including another huge crash last week,” the lawmakers said in a letter to Noto. “We are concerned that SoFi’s continued nonbank digital asset trading activities pose risks to consumers and safety and soundness risks to your institution.”
  • The Federal Reserve granted SoFi permission to operate as a national bank at the beginning of this year, noting that the company’s cryptocurrency unit must be divested or brought into compliance within two years of the approval.
  • “We are concerned that SoFi’s continued impermissible digital asset activities demonstrate a failure to take seriously its regulatory commitments and to adhere to its obligations,” the lawmakers added.
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