Logo
Cardano Ecosystem

Bitcoinik

08/13/2023

·

297 views


American bank SoFi holds $5,000,000 worth of Dogecoin (Doge), Cardano (ADA), Bitcoin

Last updated Aug 13, 2023 SoFi bank holds Bitcoin, Ethereum, Dogecoin, & Cardano. People are now questioning how the Bank will comply with the American financial regulator SEC, as Cardano is an...

American bank SoFi holds $5,000,000 worth of Dogecoin (Doge), Cardano (ADA), Bitcoin

Last updated Aug 13, 2023

SoFi bank holds Bitcoin, Ethereum, Dogecoin, & Cardano. People are now questioning how the Bank will comply with the American financial regulator SEC, as Cardano is an unregistered security.

The crypto & blockchain sector is evolving in the US jurisdiction under the grey region. No doubt that the US is a very big market for any new startup & sector or digital innovation but here this is a bitter truth that no crypto-dedicated law has been introduced by the American regulators. Just a couple of months ago, the US Securities and Exchange Commission (SEC) sued top Crypto exchanges e.g. Binance, Coinbase, Bittrex, and Kraken. Through the suits, the SEC body mentioned almost every crypto asset as an unregistered security, including Cardano (ADA). 

On 9 Aug 2023, San Francisco-based SoFi bank disclosed that its subsidiary SoFi Digital Assets held $170 million worth of crypto assets. 

These crypto assets holding include $82 million in Bitcoin (BTC), $55 million in Ethereum (ETH), $5 million in Dogecoin (DOGE), and $4.5 million in Cardano (ADA). 

SoFi Digital Assets holds these crypto assets on behalf of customers. Now it will not allow investment in Ada coin, as the SEC body mentioned this crypto token as an unregistered security in several suits. 

Many crypto experts shared their opinion on such US Investor’s activity and noted that Cardano is really a strong project under the purview of people and probably they will continuously invest in this crypto project via other methods. 

Recently Bitstamp crypto exchange decided to suspend trading for some flagship crypto assets, including ADA & Polygon (Matic) because of the SEC’s claims that all these assets are unregistered security tokens.

Read also: Dogecoin co-founder slams Bitcoin proponent over bad marketing strategy

AD

Delegate Your Voting Power to FEED DRep in Cardano Governance.

DRep ID: drep12ukt4ctzmtf6l5rj76cddgf3dvuy0lfz7uky08jfvgr9ugaapz4 | We are driven to register as a DRep by our deep dedication to the Cardano ecosystem and our aspiration to take an active role in its development, ensuring that its progress stays true to the principles of decentralization, security, and community empowerment.DELEGATE VOTING POWER!


Read Original Article on Bitcoinik

ORIGINAL SOURCE

https://bitcoinik.com/american-bank-sofi...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


An image that says Learn Blockchain technology and get ahead in the industry with a link to the Cardano Academy.

More from Bitcoinik

See more
Cardano ($ADA) Founder Is Very Angry With Google! Over Misinformation
Bitcoinik
Cardano ($ADA) Founder Is Very Angry With Google! Over Misinformation

03/16/2025

·

142 views

Related News

See more

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)