2022-11-23 08:00:00

US Senators Call For A Review Of SoFi’s Cryptocurrency Listings By Bank Regulators

The MPs said that SoFi’s technology platform activities posed serious concerns to both minority shareholders and overall safety and soundness.


U.S. lawmakers Jack Reed (D-R.I.), Sherrod Brown (D-Ohio), Chris Van Holland (D-Md.), and Tina Smith (D-Minn.) sent open letters to SoFi, an online lending startup, and a number of bank regulators requesting an “examination” of SoFi’s cryptocurrency offers.


Concerns were raised in the letter to SoFi regarding the firm’s plans to grow its cryptocurrency business, how it manages its customers’ crypto assets, and its inclusion of cryptocurrency dogecoin (DOGE), which the company had previously used as an instance of a “pump & dump” coin in a blog article on its website.


The MPs want an explanation from SoFi regarding how it offers cryptocurrencies for sale, responds to customer concerns and chooses “the right credit, markets, and risk control reserve requirements for technology platform exposures.”


In the letter sent to the company, it was further requested to state whether SoFi is authorized to offer assets and, if that’s so, whether it offers any virtual currencies that qualify as such.


SoFi “decided to commit to just not “broaden [its] morally unacceptable activities,’” according to a series of letters sent to the Fed Reserve Deputy Chair for Supervisory Michael Barr, Having to act Fed Deposit Insurance Corporate entity Chair Martin Gruenberg, as well as Acting Comptroller of the Monetary system Michael Hsu, but the business “has evidently decided to expand its electronic asset retail businesses.”


A SoFi spokeswoman stated in an initial comment that while the firm permits its users to purchase and trade virtual currencies, the company does not offer any other kind of funding for cryptocurrencies.


FTX, the FTT coin, Alameda Research, and Genesis Global Trading were not mentioned by the representative for SoFi. (Digital Currency Group, Genesis’ parent business, is the same as CoinDesk’s.)

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