“SoFi’s digital asset actions pose vital dangers to each particular person traders and security and soundness. As we noticed with the crypto meltdown this summer season, the place crypto-assets misplaced over $1 trillion in worth in a matter of weeks, contagion within the banking system was restricted due to regulatory guardrails,” the letter mentioned. “Within the occasion of crypto-related exposures at SoFi Digital Belongings in the end require its mum or dad firm, financial institution holding firm, or affiliated nationwide financial institution to hunt emergency liquidity or different monetary help from the Federal Reserve or FDIC, taxpayers could also be on the hook.”
