Senators warn of SoFi consumer risks amid crypto crash
Democrats on the Senate Banking Committee are worried that trading activities by SoFi Digital Assets could pose consumer risks, and warned that taxpayers “may be on the hook” to bail out the firm’s parent company if things go wrong. SoFi is under scrutiny by Senate Democrats, months after it received approval to be considered a bank holding company.
SoFi’s digital assets branch is hit by contagion in the crypto markets, lawmakers warned that taxpayers may foot the bill if the firm’s parent company or an affiliated national bank is impacted. SoFi received approval to be considered a bank holding company earlier this year, which would allow it to seek assistance from the Federal Reserve during a liquidity crisis. cost taxpayers if the firm’s parent company seeks assistance from the Federal Reserve.
Source
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