signed by four U.S. Senators letter To SoFi Technologies CEO Anthony Noto We have raised concerns about the digital asset trading activities of online personal finance companies and online banks and asked if they are working to comply with US banking laws.
SoFi is currently a bank holding company (BHC), but noting that it operates a non-bank subsidiary that allows retail investors to buy and sell digital assets, the senator said in a letter that the company is a board member of the Federal Reserve. He said he was engaging in activities that the Association determined were not permitted. Must be sold by January 2024.
The letter, signed by Sens, reads: “We are concerned that SoFi’s continued unauthorized digital asset activity demonstrates a failure to take its regulatory commitments seriously and to comply with its obligations. sherrod brownD-Ohio; jack reedDR.I. Chris Van HollenD-Md. When Tina Smith D min..
In the letter, the senator said SoFi has clearly expanded its digital asset services, had questions about the proper calculation of capital requirements, and had concerns about SoFi’s criteria for selecting digital assets to offer to its customers. I was.
They end the letter with a list of questions they want SoFi to answer by December 8th. OCC’s [Office of the Comptroller of the Currency] What are the restrictions on engaging in digital asset activities within the National Bank?”
SoFi issued a statement in response to the letter. thread on Twitter.
“SoFi takes its regulatory and compliance commitments seriously, including non-banking activities in the digital asset space,” the company said in the thread’s first tweet. We believe we are in full compliance with all applicable laws.
“In addition, we maintain consistent and constructive dialogue with each regulator,” SoFi added in the thread. “Cryptocurrency continues to be a non-critical component of our business. We look forward to sharing the requested information with the Senate in a timely manner.”