SoFi Becomes First US Bank to Restore Retail Crypto Trading Under New OCC/FDIC Rules
The United States has crossed a line many thought would take years: a nationally chartered bank is once again offering retail crypto trading. SoFi Bank relaunched crypto services this week, making it the first US bank to do so under the updated regulatory framework issued by the OCC and FDIC in 2025.
This shift marks a turning point. For the first time since the market turmoil of 2022–2023, banks can operate in digital assets with a clear federal rulebook — and SoFi is moving faster than Wall Street incumbents such as Morgan Stanley, Schwab, and PNC, all of which are preparing similar launches.
The question now is not whether US banks will enter crypto, but how quickly they will scale.
Publish Date
14 Nov 2025
Reading Time
10 minutes
Category
Legal News
Jurisdiction
USA
What SoFi Has Relaunched — and for Whom
SoFi originally offered crypto trading through its mobile app but suspended the feature during its national bank licensing process. Now, under a full US banking charter, crypto trading has been reintroduced for selected customers, with plans to provide access to all 12.6 million users by the end of 2025.
The rollout includes trading for Bitcoin (BTC), Ether (ETH), and a curated list of additional tokens. SoFi’s CEO Anthony Noto emphasised that the aim is to integrate digital assets “within the same regulated structure as any other financial product,” rather than offering crypto as an external add-on.
For retail users, this means access to crypto trading that sits directly inside a bank-regulated environment — a significant difference from offshore exchanges or unregulated brokerage apps.
What the New OCC and FDIC Rules Actually Allow
The relaunch is possible only because of landmark regulatory updates from the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) earlier in 2025.
According to the OCC’s May 2025 bulletin (publicly available on the OCC website), national banks are permitted to engage in:
- Crypto custody
- Crypto execution and trading
- Settlement and safekeeping of digital assets
- Tokenised payment and deposit infrastructure
…but only if they meet defined standards on operational risk, liquidity management, cybersecurity, and consumer disclosures.
The FDIC issued parallel instructions requiring that insured banks notify supervisors 90 days before they launch crypto services, and demonstrate strong internal controls, segregation of customer crypto, and AML/CFT procedures. FDIC guidance is available in its Financial Institution Letters.
Together, these rules formally reopen the door for banks to service retail crypto markets after years of uncertainty.
Why This Is Happening Now: Stablecoins, Lending, and Digital Payments
A second regulatory catalyst is the federal stablecoin and tokenised finance framework approved in July 2025. Under this policy, banks may:
- accept USD-backed stablecoins as collateral for loans,
- issue tokenised deposits,
- run blockchain-based payment flows,
- integrate distributed-ledger settlement systems.
Banks increasingly see commercial opportunities in integrating crypto rails with traditional credit and payments. SoFi’s move is not isolated — Morgan Stanley, Charles Schwab, and PNC are already working on their own digital-asset rollouts.
Market Signal: What This Means for US Banking and Investors
For the banking sector, SoFi’s launch is a strong signal that regulated institutions are ready to compete directly with crypto exchanges.
For retail customers, it means:
- access to crypto trading inside the protections, disclosures, and risk controls of a national bank;
- potential future access to blockchain-enabled credit products;
- clearer separation between custody, trading, and lending functions.
For operators and fintechs, this is an early indicator that the US will shift toward a bank-integrated crypto model, similar to developments seen in Singapore and parts of the EU.
Institutional Adoption in Parallel: Broadridge Tops $385B in Blockchain Repo Volume
The transformation isn’t limited to retail.
Broadridge Financial Solutions reported that its blockchain-based repo platform reached $385 billion in average daily volume in October, up from $65 billion a year earlier — a sign of accelerating institutional adoption of distributed-ledger technology.
While tokenised equities for retail traders remain regulated separately, this institutional growth demonstrates that blockchain has become a core infrastructure layer for banks and dealers — and retail crypto is simply catching up.
Risks, Unknowns, and What to Watch
Even with clear federal rules, uncertainties remain:
- Supervisors may impose capital charges for certain crypto exposures.
- Asset support remains limited; expansion requires additional risk review.
- Consumer-protection exams will be strict, particularly around volatility disclosures.
- A bank’s crypto custody is not FDIC insurance — only fiat deposits are insured.
Expect conservative rollouts from larger banks in the coming year, particularly as they test stablecoin-collateralised loans under the July 2025 framework.
Closing Perspective
SoFi’s early move shows what the future of US banking may look like: traditional financial institutions integrating digital assets under a unified regulatory umbrella.
With OCC and FDIC guidance finally aligned, banks can build crypto services within frameworks they understand — capital, controls, disclosures, and supervision.
At Legasset, we support banks, fintechs, and exchanges in navigating licensing, product structuring, and cross-border compliance. If you’re building a digital-asset strategy under US, EU, or MiCA rules, our team can help.
Contact Legasset to discuss how to structure regulated crypto services in high-trust jurisdictions.
Schedule a free consultation on right now.
FAQ About SoFi’s Relaunch of Crypto Trading
Is crypto at SoFi FDIC-insured?
No. FDIC insurance covers fiat deposits, not crypto assets. Crypto is held under bank-regulated custody rules, not deposit insurance.
Does the new OCC/FDIC framework allow all US banks to offer crypto trading?
Yes — if they meet risk-management requirements and notify supervisors. Approval is no longer case-by-case.
Which banks are launching next?
Morgan Stanley, Charles Schwab, and PNC are preparing rollouts, expected in 2026.
Can stablecoins now be used for loans?
Yes. The July 2025 federal framework permits USD-backed stablecoins to be accepted as collateral, subject to bank controls.
Is SoFi offering crypto to all customers right now?
Not yet. Selected early users have access; full rollout to all 12.6M customers is planned by end-2025.
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