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SoFi Receives Conditional US Regulatory Approval to Establish National Bank
The approval, if made final, opens the door for the new bank to custody cryptocurrencies.
Student loan and financial services provider SoFi's application to establish a national bank was granted conditional approval by the Office of the Comptroller of the Currency (OCC), opening the door for the new bank to custody cryptocurrencies.
STORY CONTINUES BELOW
- In an announcement Wednesday, the OCC said the preliminary approval is conditional pending a thorough evaluation of all information available.
- SoFi Digital Assets, a unit of SoFi, last year was granted a money transmission license as well as a BitLicense by the New York Department of Financial Services, allowing the unit to to provide buy and sell services for bitcoin, bitcoin cash, ethereum, ethereum classic, litecoin and Stellar lumens to New York residents.
- SoFi’s conditional approval comes after the OCC published two key crypto guidance letters, the first allowing banks to custody cryptocurrencies and a second clarifying treatment of stablecoin issuers, published two months later.
Kevin Reynolds
Kevin Reynolds was the editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
