SoFi Becomes First U.S. Bank to Offer Crypto Trading

Morgan Stanley, Citi and PNC will have to play catch up to popular fintech bank SoFi. SoFi Technologies Inc. (NASDAQ: SOFI) has become the first U.S. national bank to enable direct cryptocurrency trading within standard checking and savings accounts, establishing a clear early-mover advantage in the emerging sector of regulated digital-asset banking.  Through a phased rollout of its “SoFi Crypto” service, the bank’s customers can now buy, sell, and hold cryptocurrencies such as Bitcoin, Ethereum, and Solana directly within its primary banking application. This integrated approach provides an early model for how U.S. retail banks may incorporate digital assets into their service offerings.  This launch represents a strategic relaunch of crypto services after the company paused its previous offering in 2023 to secure its national banking charter. Early engagement metrics indicate strong demand, with 60% of SoFi’s existing users who hold cryptocurrency expressing a preference for trading through a licensed bank, according to a company survey. SoFi’s early entry contrasts with the timelines of larger institutions. While large institutions like Morgan Stanley (NYSE: MS) and PNC (NYSE: PNC) are planning their crypto services launch for 2026, other banks like Citi (NYSE: C) have signaled broader crypto intentions, without confirming a specific date for a retail trading product. OCC guidance removes barriers for Banks The timing of SoFi’s launch coincides with updated U.S. regulatory clarity, which has lowered barriers to entry for national banks. In multiple letters issued in 2025, the Office of the Comptroller of the Currency (OCC) confirmed that national banks may engage more broadly in crypto activities without seeking prior “non-objection” approvals.  These updates, combined with the Federal Reserve and FDIC withdrawing earlier restrictive guidance, have effectively reopened the door for regulated institutions to participate in crypto markets. What U.S. banks can do with crypto with new guidelines AreaWhat OCC AllowsDetailsGas Fee PaymentsBanks may hold cryptocurrency solely to pay network fees.Interpretive Letter 1186 allows holding native tokens, such as ETH, to cover gas fees for blockchain transactions.Holding Crypto for OperationsBanks may hold crypto needed to run permitted blockchain transactions.OCC notes banks must use native tokens to interact with certain networks.Executing Customer Crypto TradesBanks may buy and sell crypto on behalf of customers.The May 2025 OCC letter confirms this authority and removes earlier approval steps.Custody ServicesBanks can custody crypto assets for customers.Reaffirms OCC’s 2020 stance allowing digital asset safekeeping.Outsourcing Crypto ServicesBanks may outsource custody or execution to third parties.Banks must maintain oversight and risk controls.Supervisory Approval RequirementRemoved the need for banks to possess OCC objection letters for Crypto dealings.OCC rescinded the 2021 requirement.Risk Management ExpectationsBanks must maintain adequate risk controls.OCC removed “reputation risk” language but kept core requirements intact.Interaction With Fed & FDIC GuidanceThe Fed and FDIC have withdrawn restrictive crypto guidance.Fed dropped 2022 guidance; FDIC rescinded older limits. Implications for the financial sector and investors SoFi’s early launch of a regulated crypto trading service gives it an operational head start over larger financial institutions, whose digital asset systems are still in development.  The service is being introduced to a substantial existing customer base, where initial usage data indicates a preference for accessing cryptocurrencies through a licensed banking platform. Looking ahead, SoFi’s roadmap includes launching its own stablecoin and staking services, further integrating crypto into mainstream finance. This positions the bank not just as a trader, but as a foundational player in the future of digital assets.