SoFis сrypto business in jeopardy amid US regulatory concerns
Fintech firm SoFi declared it may be “forced to cease trading in certain types of assets” amid the US regulatory hurdle. In a recent filing with the United States Securities and Exchange Commission (SEC), SoFi outlined several regulatory risks related to crypto trading in its latest quarterly filing with the SEC. The company is waiting for changes to the regulators proposed crypto exchange classification rules. SoFi admits it could halt trading digital assets considered securities until it obtains additional regulatory permission. “The time and cost of obtaining such permission could be significant, and is not guaranteed.” SoFis filing to SEC Among the cryptocurrencies supported by SoFi are Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE) and others. Solana (SOL) and Cardano (ADA) were removed from the platform in June as US regulators indicated they may be securities. SoFi is trying to expand its presence in the crypto market while ensuring compliance with regulators. However, regulatory violations could negatively impact its other financial services divisions beyond crypto. Last year, the company was hit with a violation by the Federal Reserve for “certain crypto-related activities” deemed impermissible for a bank holding company. SoFi is currently under a two-year conditional approval to continue crypto activities, which it is trying to extend. “There can be









