SoFi Reenters the Crypto Market, Influenced by Trump
Here’s a rewritten version of your content, retaining the HTML tags:
<p class="puppeteer-article-text-type-element">In 2023, the fintech bank halted its crypto products and services, citing burdensome banking regulations as the primary reason. It's among many major companies exploring the cryptocurrency sector this year.</p>
<p class="puppeteer-article-text-type-element">SoFi, the fintech bank based in San Francisco, has announced its intention to reintroduce crypto offerings.</p>
<p class="puppeteer-article-text-type-element">The company attributed this shift to the deregulation initiatives surrounding digital assets championed by former US President Trump.</p>
<p class="puppeteer-article-text-type-element">“The regulatory landscape is clearly changing, which will enable us to again offer crypto coins as part of our Invest product – allowing customers to buy, sell, or hold cryptocurrencies,” stated Anthony Noto, CEO of SoFi, <a target="_blank" href="https://www.cnbc.com/video/2025/04/29/sofi-ceo-anthony-noto-we-want-to-offer-crypto-and-blockchain-products-across-every-area-were-in.html" rel="nofollow">to CNBC</a>.</p>
<p class="puppeteer-article-text-type-element">“We anticipate being able to roll this out within the next six months.”</p>
<p class="puppeteer-article-text-type-element">SoFi initiated its cryptocurrency custody and trading services on its platform <a target="_blank" href="https://www.cnbc.com/2019/02/26/sofi-to-launch-cryptocurrency-trading-in-partnership-with-coinbase.html" rel="nofollow">in 2019</a>, but started <a target="_blank" href="https://www.sofi.com/blog/sofi-crypto-update/" rel="nofollow">winding down</a> its customers’ crypto accounts in November 2023.</p>
<p class="puppeteer-article-text-type-element">The driving factor? Heightened scrutiny from banking regulators regarding crypto activities, as reported by Bloomberg <a target="_blank" href="https://www.bloomberg.com/news/articles/2023-11-29/sofi-is-exiting-crypto-with-banking-regulators-stepping-up-scrutiny" rel="nofollow">at that time</a>.</p>
<p class="puppeteer-article-text-type-element">With approximately 11 million customers, according to its latest quarterly <a target="_blank" href="https://investors.sofi.com/news/news-details/2025/SoFi-Reports-First-Quarter-2025-with-Record-Net-Revenue-of-772-Million-Record-Member-and-Product-Growth-Net-Income-of-71-Million/default.aspx#:~:text=SoFi%20reported%20a%20number%20of,year%20period%20of%20%24580.6%20million." rel="nofollow">report</a>, SoFi joins a rapidly growing list of banks and institutions either re-entering, expanding, or embracing the crypto space.</p>
<p class="puppeteer-article-text-type-element">Nexo, a cryptocurrency wealth management platform, also indicated to Reuters that it plans to make a comeback in the US this year. Two years prior, the firm exited the US market and <a target="_blank" href="https://www.sec.gov/newsroom/press-releases/2023-11" rel="nofollow">paid a $45 million settlement</a> to the SEC over a particular crypto lending service.</p>
<p class="puppeteer-article-text-type-element">In January, Morgan Stanley expressed its desire to provide “safe” crypto products, while Bank of America announced plans to develop a stablecoin in February.</p>
<p class="puppeteer-article-text-type-element">Credit card giant Mastercard is also venturing into stablecoins, collaborating with crypto broker Paxos and USDC issuer Circle.</p>
<p class="puppeteer-article-text-type-element">“As global regulatory clarity increases, stablecoins are shifting from mere crypto trading instruments to vital solutions,” Mastercard <a target="_blank" href="https://www.mastercard.com/news/press/2025/april/mastercard-unveils-end-to-end-capabilities-to-power-stablecoin-transactions-from-wallets-to-checkouts/" rel="nofollow">stated</a>.</p>
<p class="puppeteer-article-text-type-element">The US landscape for crypto has become more favorable as Trump's second term advances.</p>
<p class="puppeteer-article-text-type-element">In January, the SEC <a target="_blank" href="https://www.cnbc.com/2025/01/24/sec-revokes-unpopular-banking-rule-that-blocked-wall-street-banks-from-adopting-crypto.html" rel="nofollow">canceled</a> a contentious rule known as SAB 121, which had restricted US banks from offering crypto custody efficiently.</p>
<p class="puppeteer-article-text-type-element">In March, the White House <a target="_blank" href="https://www.whitehouse.gov/presidential-actions/2025/03/establishment-of-the-strategic-bitcoin-reserve-and-united-states-digital-asset-stockpile/" rel="nofollow">announced</a> plans to establish a Bitcoin reserve and a stockpile of digital assets.</p>
<p class="puppeteer-article-text-type-element">Earlier this month, an IRS regulation that could limit DeFi activities was also revoked.</p>
<p class="puppeteer-article-text-type-element">Under its newly appointed pro-crypto Chair Paul Atkins, the SEC has dropped several ongoing cases against crypto-focused companies including Kraken, Coinbase, and Ripple.</p>
<p class="puppeteer-article-text-type-element">Simultaneously, numerous pro-crypto legislations are currently being discussed in Congress, notably the Genius Act related to stablecoins.</p>
<p class="puppeteer-article-text-type-element">SoFi’s return to crypto offerings “depends on the evolving regulatory landscape — but so far, it has been quite encouraging,” Soto stated to CNBC.</p>
<p class="puppeteer-article-text-type-element">Andrew Flanagan is a markets correspondent for DL News. Have a tip? Reach out to aflanagan@dlnews.com.</p>Source link
#SoFi #announces #return #crypto #Trump
