U.S. Senate Urges Federal Regulators To Investigate SoFi's Crypto Trading Activities

Four Democrats on the U.S. Senate Banking Committee urged federal regulators to investigate digital financial services platform SoFi’s cryptocurrency trading activities, warning that “digital asset activities pose significant risks to individual investors and to safety and soundness,” CNBC reported. Foresight News noted that SoFi acquired Golden Pacific Bank in February 2022 and transformed it into a bank holding company and is regulated by the Federal Reserve. Bank holding companies must comply with strict regulations on the types of financial products they can offer.