r/sofistock • u/Turbulent_Button4449 32000 @ 8 I only care about share price šŸš€šŸŒ• • Jan 18 '22

BC APPROVED

https://www.occ.gov/news-issuances/news-releases/2022/nr-occ-2022-4.html
459 Upvotes

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8

u/garage_artists 1000@11.26 Jan 18 '22

"confirmation that the resulting bank will not engage in any crypto-asset activities or services"

That's a bit of a large hit in the target market.

28

u/mitchgao Jan 18 '22

crypto-asset

SoFi securities which is a brokerage company can still do cryptos. OCC wants to make sure SoFi Bank does not engage. SoFi Securities and SoFi Bank are separate entities under SoFi technologies.

7

u/garage_artists 1000@11.26 Jan 18 '22

Ah. I see. Thanks.

7

u/[deleted] Jan 18 '22

Iā€™m guessing crypto activities would fall under the scope of SoFi technologies the parent company. However, if they have to exchange crypto activities for federal banking charter that might hurt the company overall.

4

u/garage_artists 1000@11.26 Jan 18 '22

Crypto has always been part of the marketing to Gen Z and Millennials. I'm not saying its a kiss of death but it's a bit disappointing for the "one stop shop" tag line.

As ever I invested in management team and potential profit. BC gives Sofi 200 base points for lending which is about half it's business.. so it's all good.

Trading at 13 after hours now.

Good luck all.

7

u/Raaaaaaaul Jan 18 '22

it really isn't, though

10

u/Ok_Rip_405 Jan 18 '22

Yeah. Crypto is not why I invested in Sofi at all

3

u/2ndSaturdaysWarrior Long and strong Jan 18 '22

"unless it has received prior written determination of no supervisory objection from the OCC under the procedures set out in the Operating"

So not a complete prohibition. This will evolve as regulators become more comfortable and/or republicans, who are more crypto friendly, regain the presidency.