The New York State Department of Financial Services (NYDFS) has granted a BitLicense to SoFi, allowing New York-based users of the digital bank to trade cryptocurrencies in its app.
The BitLicense, considered the toughest state regulation in the country for virtual currency-related companies, is notoriously dreaded and controversial among startups but has become a symbol of legitimacy for the still young and erratic industry. With 20 million consumers and the largest financial hub in the world, being able to operate in New York is an integral part of growth for any startup as well as cryptocurrency adoption.
"NYDFS is committed to fostering innovation in New York's vibrant virtual currency sector and ensuring its competitiveness as a market for new entrants," NYDFS Superintendent Linda Lacewell said in an emailed statement. "The Department's approval of SoFi's virtual currency and money transmitter licenses provides consumers with more choices in a continuously evolving global financial services marketplace."
SoFi, which made its name as a student lending company, has about 800,000 users today, although it's hoping to become a household name over the next decade, if not sooner. By comparison, the stock-trading app Robinhood has six million users and Square's money transfer service Cash App has 15 million users.
SoFi added bitcoin, litecoin, and ether trading in September within the SoFi Invest platform, which launched earlier this year. Members can also track the prices of up to 40 other digital assets in real-time.
SoFi is the third digital finance company to begin offering crypto trading, following Robinhood and Square's Cash App. The move signals increased demand by audiences of fintech apps that aren't necessarily crypto native apps (like Coinbase, Circle, or Blockchain) for new types of assets besides stocks and public companies. These fintech companies, regardless of their initial value proposition or their particular type of customer, are all looking to meet that demand.
The BitLicense application is an expensive and cumbersome process that can cost hundreds of thousands of dollars and requires an exacting review of capital requirements and policies regarding money laundering, fraud, capitalization, consumer protection, and cybersecurity. It is required of companies wanting to operate with residents of the state, even if the company itself is based out of state.
"Putting our members' interests first is our top priority at SoFi," Anthony Noto, SoFi CEO said in a statement. "That includes both offering individuals the products they want, like cryptocurrency within SoFi Invest, as well as protecting them, through a solid regulatory framework like that created by the NYDFS."
A big-screen adaptation of the anime “Chainsaw Man” has topped the North American box office, beating a Springsteen biopic and “Black Phone 2.” The movie earned $17.25 million in the U.S. and Canada this weekend. “Black Phone 2” fell to second place with $13 million. Two new releases, the rom-com “Regretting You” and “Springsteen — Deliver Me From Nowhere,” earned $12.85 million and $9.1 million, respectively. “Chainsaw Man – The Movie: Reze Arc” is based on the manga series about a demon hunter. It's another win for Sony-owned Crunchyroll, which also released a “Demon Slayer” film last month that debuted to a record $70 million.
The Federal Aviation Administration says flights departing for Los Angeles International Airport were halted briefly due to a staffing shortage at a Southern California air traffic facility. The FAA issued a temporary ground stop at one of the world’s busiest airports on Sunday morning soon after U.S. Transportation Secretary Sean Duffy predicted that travelers would see more flights delayed as the nation’s air traffic controllers work without pay during the federal government shutdown. The hold on planes taking off for LAX lasted an hour and 45 minutes and didn't appear to cause continued problems. The FAA said staffing shortages also delayed planes headed to Washington, Chicago and Newark, New Jersey on Sunday.
Boeing workers at three Midwest plants where military aircraft and weapons are developed have voted to reject the company’s latest contract offer and to continue a strike that started almost three months ago. The strike by about 3,200 machinists at the plants in the Missouri cities of St. Louis and St. Charles, and in Mascoutah, Illinois, is smaller in scale than a walkout last year by 33,000 Boeing workers who assemble commercial jetliners. The president of the International Association of Machinists says Sunday's outcome shows Boeing hasn't adequately addressed wages and retirement benefits. Boeing says Sunday's vote was close with 51% of union members opposing the revised offer.
The stunning indictment that led to the arrest of more than 30 people — including Miami Heat guard Terry Rozier and other NBA figures — has drawn new scrutiny of the booming business of sports betting in the U.S. The multibillion-dollar industry has made it easy for sports fans — and even some players — to wager on everything from the outcome of games to that of a single play with just a few taps of a cellphone. But regulating the rapidly-growing industry has proven to be a challenge. Professional sports leagues’ own role in promoting gambling has also raised eyebrows.
Tesla, the car company run by Elon Musk, reported Wednesday that it sold more vehicles in the past three months after boycotts hit hard earlier this year, but profits still fell sharply. Third-quarter earnings fell to $1.4 billion, from $2.2 billion a year earlier. Excluding charges, per share profit of 50 cents came in below analysts' estimate. Tesla shares fell 3.5% in after-hours trading. Musk said the company's robotaxi service, which is available in Austin, Texas, and San Francisco, will roll out to as many as 10 other metro areas by the end of the year.
Starbucks’ AI barista aims to speed service and improve experience. Nick Lichtenberg, Fortune Business Editor, explains its impact on workers and customers.
As Big Tech reports Q3 earnings, investors await proof that massive AI and cloud investments from Meta, Apple, Microsoft, and Alphabet are driving real growth.
Eric Trump joins us to discuss American Bitcoin’s mission, market strategy, and why he believes the U.S. must lead the next era of digital currency innovation.
