A number of US Senators have questions for SoFi regarding its crypto offerings, and are asking for a regulatory review. nikhileshde reports
The lawmakers asked SoFi to explain how it lists cryptocurrencies for sale, how it addresses customer complaints and how it determines"the appropriate credit, market and operational risk capital requirements for digital asset exposures."
"SoFi’s digital asset activities pose significant risks to both individual investors and safety and soundness. As we saw with the crypto meltdown this summer, where crypto-assets lost over $1 trillion in value in a matter of weeks, contagion in the banking system was limited because of regulatory guardrails," the letter said.
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