

Blockchain
Senate Banking Committee Democrats warn SoFi about meeting its compliance deadline – Crypto News
Chairman of the United States Senate Banking Committee Sherrod Brown and three other Democratic committee members sent letters Nov. 21 to federal officials and to Anthony Noto, president of SoFi Technology. They expressed concern about the online bank’s efforts to conform to Federal Reserve Board requirements and nonbank digital asset trading activities conducted through SoFi Digital Assets.
In the letter to Noto, Sherrod, along with Sens. Jack Reed, Chris Van Hollen and Tina Smith, note that the Federal Reserve had said that SoFi “is currently engaged in crypto-asset related activities that the Board has not found to be permissible” for a bank holding company (BHC) or financial holding company. company (FHC). The Federal Reserve granted SoFi the status of financial holding company after its purchase of bank holding company Gold Pacific Bancorp at the beginning of the year.
Although the Fed gave SoFi two years to legalize or divest SoFi Digital Assets, the senators wrote:
“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.”
SoFi was prohibited from expanding its impermissible activities or conducting crypto transactions in its national bank subsidiary, but it “announced a new service allowing customers of its national bank to invest part of every direct deposit into digital assets with no fees.” In addition, “SoFi’s facilitation of customer digital asset trading and holding digital assets on-balance sheet raises questions about the appropriate calculation of capital requirements. They warn:
“Taxpayers could be on the hook if crypto-related exposures at SoFi Digital Assets ultimately require its parent BHC or affiliated national bank to seek emergency liquidity or other financial assistance from the Federal Reserve or FDIC [Federal Deposit Insurance Corporation],
Finally, the senators question SoFi’s choice of digital assets on offer. SoFi identified one of the coins it offers as “a crypto pump-and-dump” in investor protection materials, but did not stop offering it. The authors demand a response to this issue they raised by Dec. 8.
Related: Fed adds a new layer of bureaucracy for US banks engaging in crypto asset activities
The senators also sent a letter to Fed vice chair Michael Barr, Federal Deposit Insurance Corporation acting chair Martin Gruenberg and acting comptroller of the currency Michael Hsu repeating their concerns. “It is imperative the Fed, FDIC, and OCC [Office of the Comptroller of the Currency] ensure that SoFi complies with all consumer financial protection and banking regulations,” they wrote.
-
Blockchain1 week ago
Bitcoin Enters ‘Optimism Stage’—Is a Massive Rally About to Begin? – Crypto News
-
Metaverse1 week ago
Mint AI Summit 2025: How enterprises are using AI – Crypto News
-
Blockchain1 week ago
Bitcoin Enters ‘Optimism Stage’—Is a Massive Rally About to Begin? – Crypto News
-
Blockchain2 days ago
Stablecoins Pull Away From Crypto – Crypto News
-
Metaverse1 week ago
AI democratization crucial for India’s global leadership, say experts at Mint AI Summit 2025 – Crypto News
-
Cryptocurrency1 week ago
Ripple Grants $50 Million to Nonprofit Aiming to Raise US Crypto Awareness – Crypto News
-
Cryptocurrency3 days ago
MOVE price hikes 7% in 24 hours, 33% up from weekly lows – What next? – Crypto News
-
Cryptocurrency1 week ago
Moonbirds, Reddit Founders Resurrect Social News Site Digg—With an AI Twist – Crypto News
-
others1 week ago
Chainlink Price Jumps Past $15 As Whale Accumulation Signals Strength – Crypto News
-
Cryptocurrency1 week ago
134K Solana unstaked and listed for sale: Decoding SOL’s road ahead – Crypto News
-
Technology3 days ago
Truemarkets Officially Launches as Prediction Market with $TRUE – Crypto News
-
Technology1 week ago
Dogecoin Price Eyes Rally As Wallet Addresses Reach All Time High – Crypto News
-
Cryptocurrency1 week ago
US crypto reserve clarification coming? Wait til Friday. – Crypto News
-
Cryptocurrency1 week ago
Ethereum’s large purchase: Potential rebound or investor trick? – Crypto News
-
Technology1 week ago
Elon Musk’s Grok AI goes rogue once again, calls US President Donald Trump a Russian asset – Crypto News
-
Cryptocurrency3 days ago
BC.GAME Team Compete for Top Prizes as BC.GAME ESPORTS Expands Its Line-Up – Crypto News
-
Technology1 week ago
Nothing Phone 3a Pro launched at ₹29,999: Here is how it fares among 5 peers – Crypto News
-
Technology1 week ago
KAITO, BERA Up Double Digits, BTC, ETH, SOL, ADA, XRP Prices Rally – Crypto News
-
Cryptocurrency1 week ago
This Ripple Metric Explodes by Over 600% in a Week: XRP Price Pump Incoming? – Crypto News
-
Technology1 week ago
Arbitrum Price Rally 14% as Robinhood Listing Fuels Market Optimism – Crypto News
-
Cryptocurrency1 week ago
US Sanctions Iranian Operator of Nemesis Darknet Marketplace – Crypto News
-
others1 week ago
No surprises expected at the ECB meeting – Crypto News
-
others1 week ago
Veteran Trader Believes Bitcoin Low Is In, Says Downside Volatility Presenting Bullish Opportunities – Crypto News
-
Blockchain1 week ago
Ethereum price ‘double top’ hints at 42% drop as ETH bull market ends – Crypto News
-
others1 week ago
Dow Jones bounces as tariff threats give way to concessions – Crypto News
-
others1 week ago
Price increases ahead of tariffs could spell trouble for inflation – Crypto News
-
others1 week ago
US Government Blacklists Slew of Bitcoin and Monero Addresses Linked to Man Accused of Running Darknet Marketplace – Crypto News
-
Cryptocurrency1 week ago
Bitcoin, Ethereum Rally as Markets Weigh Trade Tensions and China’s Stimulus Push – Crypto News
-
Technology1 week ago
Binance Founder Changpeng Zhao Spotlights L1 Vs. L2 Impact On AI Projects – Crypto News
-
Technology4 days ago
Wayve Reportedly Ready to Roll Out Self-Driving Tech – Crypto News
-
Technology1 week ago
Best refrigerators under ₹20000 in March 2025: Top budget friendly, feature packed picks for budget conscious buyers – Crypto News
-
Technology1 week ago
Ripple Whales Move Over $5 Bln Coins, What’s Happening? – Crypto News
-
Cryptocurrency1 week ago
PI Network hits major milestone as $PI & XRP whales move to new AI agent launchpad on Ripple – Crypto News
-
Technology1 week ago
Analyst Predicts Ethereum Price Rally to $4K As Devs Fix Pectra Testnet Bug – Crypto News
-
Blockchain1 week ago
Bitcoin Price Suffers Bearish Deviation After Filling CME Gap, Is This Good Or Bad? – Crypto News
-
Cryptocurrency1 week ago
Tariff fears wipe out SOL’s weekend gains – Crypto News
-
Cryptocurrency1 week ago
US Senate Votes to Repeal IRS DeFi Reporting Rule – Crypto News
-
Technology1 week ago
Mt Gox Moves $1B BTC To Unknown Wallet As Bitcoin Price Hits $92K – Crypto News
-
Cryptocurrency1 week ago
What’s the strike price on Trump’s put? – Crypto News
-
Cryptocurrency1 week ago
Exclusive: Seismic raises $7M in round led by a16z Crypto – Crypto News
-
Technology1 week ago
Apple MacBook Air (2025) now available at a MASSIVE ₹10,000 discount: Bank offers, sale and more – Crypto News
-
Blockchain5 days ago
XRP Price Chart Signals Trouble – Is A Drop To $1.20 Possible? – Crypto News
-
Technology5 days ago
Beware the dangers of data – Crypto News
-
Cryptocurrency5 days ago
How Freepik Transformed From a Stock Image Platform Into a Generative AI Powerhouse – Crypto News
-
Technology5 days ago
Mint Primer: AI in the air: How gadgets will change forever – Crypto News
-
Technology5 days ago
Industry 5.0, AI and India: Schneider Electric’s Barbara Frei on making factories smarter – Crypto News
-
Cryptocurrency3 days ago
California Shuts Down 26 Crypto Scam Sites Tied to $4.6 Million in Losses – Crypto News
-
Cryptocurrency3 days ago
Here’s How Much Shiba Inu Price Will Be Worth if 1 SHIB Equals 10,000 DOGE – Crypto News
-
Cryptocurrency3 days ago
Ethereum Price Analysis Ahead of Upcoming Blood Moon Lunar Eclipse – Crypto News
-
Business3 days ago
Here’s Why Investors Are Revenge Shorting This Meme Coin Even After 30% Crash – Crypto News