“SoFi’s digital asset actions pose vital dangers to each particular person buyers 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 stated. “Within the occasion of crypto-related exposures at SoFi Digital Belongings finally require its mother or father 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.”