SoFi Gets Scrutiny from Senate Banking Committee Democrats Who Also Press Regulators on the Fintech Offering Digital Asset Services

Jon Breyfogle

Digital Securities Lab Community Manager
Staff member
May 30, 2022
Findlay, Ohio
Democrat members of the Senate Banking Committee have sent a letter to SoFi inquiring about its activities in regard to digital asset trading. At the same time, the Senators have forwarded a letter to three bank regulators, the Office of the Comptroller of the Currency (OCC), the US Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC). This letter demands to know why SoFi Digital Assets remains in operation. The letters are each signed by Senators Sherrod Brown, Chairman of the Senate Banking Committee, Jack Reed, Chris Van Hollen, and Tina Smith.

The letter addressed to SoFi CEO Anthony Noto tells the Fintech that its continued operation of “SoFi’s non-bank digital asset trading activities pose risks to consumers.”


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