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StreetInsider.com Top Tickers, 11/22/2022
SoFi Technologies (NASDAQ: SOFI) disclosed:
In response to a letter received on November 21, 2022 from four Democratic members of the Senate Banking Committee requesting information regarding the activities of SoFi Technologies, Inc. (“SoFi”) with respect to digital asset trading, the Company issued the following statement:
SoFi takes our regulatory and compliance commitments seriously, including our non-bank operations within the digital assets space. We believe we have been fully compliant with the mandates of our bank license and all applicable laws. We maintain consistent, constructive dialogue with each of our federal and state regulators. Cryptocurrency remains a non-material component of our business. As disclosed in our latest 10-Q filing, our brokerage related fees (which include all cryptocurrency related fees) totaled $3.85 million in the third quarter of 2022 and the fair value of digital assets held by third-party custodians for the benefit of our members, which is recorded on our consolidated balance sheet, totaled approximately $132.5 million as of September 30, 2022. We do not engage in any other cryptocurrency financing activity other than allowing members to buy and sell crypto currency via our platform executed by third party partners, including no leveraging or yielding. We do not partner with FTX nor have any direct exposure to FTX.
The information in this Item 7.01 is furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liabilities under that section, and shall not be deemed to be incorporated by reference into the filings of SoFi under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filings. This Current Report on Form 8-K will not be deemed an admission as to the materiality of any of the information contained in this Item 7.01.
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