As known from:
known from Coinwireknown from Benchknown from Coinindex
  • About CryptoGmblr.com
Contains commercial content
Cryptogambling / SoFi raises concerns over regulatory pressures from SEC

SoFi raises concerns over regulatory pressures from SEC

Publish Date: 11/08/2023
Video: What is Crypto? How Does It Work?

What is Crypto? How Does It Work?

San Francisco-based fintech firm SoFi has raised concerns over the U.S. Securities and Exchange Commission’s scrutiny of digital assets in its quarterly 8-K submission to the financial regulator.

In its Tuesday filing, SoFi highlighted the SEC’s action in April to revise Regulation ATS and the Exchange Act Rule, which could redefine the meaning of crypto exchange. If the proposal, currently open for public comments, is accepted, entities meeting exchange criteria would face stricter monitoring when handling trades of crypto assets seen as securities.

“Pending final adoption of the proposed rule, it is possible that we would need to obtain additional regulatory permission to conduct our business,” SoFi said.

“The time and cost of obtaining such permission could be significant, and is not guaranteed. Further, we may need to pause or alter certain aspects of our business until such permission is obtained.”

SoFi offers trading support for several cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE), Litecoin (LTC) and Ethereum Classic (ETC). On June 9, they removed Solana (SOL) and Cardano (ADA) from their platform after the SEC suggested these assets could be seen as securities.

Experts in the industry have noted that publicly traded companies like SoFi, which have a broader scope than just crypto, face the potential risk of fines for crypto-related violations that could impact their other business sectors.

Last year, the company also faced a penalty from the Federal Reserve due to “certain crypto-related activities” deemed inappropriate for a bank holding company.

SoFi’s adjusted revenue in the second quarter saw a 37 percent increase from the previous year, reaching $488.8 million, which exceeded the estimated $476 million. Furthermore, the company saw a net loss per share of $0.06 during Q2, outperforming the projected loss of $0.07.

Although SoFi’s crypto business is smaller than dedicated crypto firms, it held $166 million in crypto investments by the end of the second quarter.

SEC’s crackdown on tokens

Tokens like Solana, Polygon and Cardano, which are currently embroiled in court battles, have experienced a 15 percent drop in their combined market capitalization, totaling $5 billion.

On June 5 and 6, the SEC sued Binance and Coinbase, which are among the biggest crypto exchanges. Similar to SoFi, the federal agency also alleged the two major exchanges selling unregistered securities.

Messari Crypto recently published its Ecosystem Brief: Rollup Specialization report. The report highlighted that the emerging markets category, including tokens identified as securities by the SEC, witnessed a 25 percent decrease.

Besides the SEC lawsuit, Binance is facing harsh regulatory actions worldwide. The exchange’s native token BNB’s market value dropped by 21 percent to $37 billion.

Cardano, led by Charles Hoskinson, also saw its market value drop. This asset, currently the eighth largest on Coingecko, last traded at $0.29 with a market cap of $10 billion, marking a 17 percent decrease.

Among the tokens, Polygon has faced the toughest challenge in recovering from the impact of the SEC’s actions. As of the time of writing, it holds a market value of around $6 billion, a 20 percent decrease from its initial $8 billion market cap.

Top Online Casinos
Top Casinos Bonuses
Stake.us
Stake.us
Stake.us Review
4.6/5
McLuck
McLuck
McLuck Review
4.6/5
High5Casino
High5Casino
High5Casino Review
4.5/5
Sweeptastic
Sweeptastic
Sweeptastic Review
4.5/5
Wow Vegas
Wow Vegas
Wow Vegas Review
4.5/5
Stake.us
Stake.us Bonus
$55 Stake Cash + 260K Gold Coins + 5% Rakeback
T&Cs apply
4.6/5
McLuck
McLuck Bonus
7.500 Gold Coins + 2,5 Sweepstakes Coins
T&Cs apply
4.6/5
High5Casino
High5Casino Bonus
5 Sweeps Coins + 250 Game Coins + 600 Diamonds
T&Cs apply
4.5/5
Sweeptastic
Sweeptastic Bonus
Get 70,000 Lucky Coins and 44 Sweeps Coins
T&Cs apply
4.5/5
Wow Vegas
Wow Vegas Bonus
1.75M WOW Coins + 35 Free Sweepstake Coins
T&Cs apply
4.5/5
Latest News
Charles Hoskinson forecasts Altcoin season showdown: ADA vs. DOGE
Cardano (ADA) Faces Dual Meme Coin Competition where ...
Top 5 AI cryptocurrencies ready to thrive during the next bull market
New crypto ventures merge the groundbreaking capabilities of ...
Top Crypto Exchange Sites
Crypto Exchange Guide
  • Crypto Exchanges
  • Betting Exchange
Top Brands
Top Bonuses
Stake.us
Stake.us
Stake.us Review
4.6/5
McLuck
McLuck
McLuck Review
4.6/5
High5Casino
High5Casino
High5Casino Review
4.5/5
Sweeptastic
Sweeptastic
Sweeptastic Review
4.5/5
Wow Vegas
Wow Vegas
Wow Vegas Review
4.5/5
Stake.us
Stake.us Bonus
$55 Stake Cash + 260K Gold Coins + 5% Rakeback
T&Cs apply
4.6/5
McLuck
McLuck Bonus
7.500 Gold Coins + 2,5 Sweepstakes Coins
T&Cs apply
4.6/5
High5Casino
High5Casino Bonus
5 Sweeps Coins + 250 Game Coins + 600 Diamonds
T&Cs apply
4.5/5
Sweeptastic
Sweeptastic Bonus
Get 70,000 Lucky Coins and 44 Sweeps Coins
T&Cs apply
4.5/5
Wow Vegas
Wow Vegas Bonus
1.75M WOW Coins + 35 Free Sweepstake Coins
T&Cs apply
4.5/5

Players must be 21 years of age or older or reach the minimum age for gambling in their respective state and located in jurisdictions where online gambling is legal. Please play responsibly. Bet with your head, not over it. If you or someone you know has a gambling problem, and wants help, call or visit: (a) the Council on Compulsive Gambling of New Jersey at 1-800-Gambler or www.800gambler.org; or (b) Gamblers Anonymous at 855-2-CALL-GA or www.gamblersanonymous.org.

Trading financial products carries a high risk to your capital, especially trading leverage products such as CFDs. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

This site is using Cloudflare and adheres to the Google Safe Browsing Program. We adapted Google's Privacy Guidelines to keep your data safe at all times.

21+NCPGGamblers AnonymousCloudflareSSLco² neutral
Close
Players accepted in the US US Flag
Stake.us Exclusive Bonus
$55 Stake Cash + 260K Gold Coins + 5% Rakeback
Promo Code
Go to Stake.us
Visit Site
T&Cs apply, 18+
Payment Methods
Bitcoin
Litecoin
Ethereum
Dogecoin
Highlights
  • Exclusive promo code: CRYPTGAMBL
  • Play Stake Originals games for free
  • Get free Stake Cash daily just by logging in
Stake Originals
Dice
Crash
Plinko
Mines
×
Your Bonus Code:
The bonus offer of was already opened in an additional window. If not, you can open it also by clicking the following link:
Visit Site