SoFi stock still under pressure as odds of regulator scrutiny rises, analyst says

SoFi Technologies ( NASDAQ: SOFI ) stock remained under pressure, down 1.6% in Tuesday afternoon trading in the second session since some U.S. senator s urged regulators to take a closer look a t the fintech's operations, especially in its crypto-related business. While crypto makes up an immaterial part of the company's business, as the company said Monday, Morgan Stanley analyst Jeffrey Adelson sees the development increasing the odds that SoFi ( SOFI ) will exit crypto entirely and that regulators will increase scrutiny on the bank. "At this stage we do not believe regulators would place restrictions on SOFI's ability to grow the bank, which has been a source of robust growth for the company recently," Adelson wrote in a note to clients. "However, it's possible that SOFI may find itself more heavily regulated with potential for incremental capital and liquidity requirements." Note that SoFi ( SOFI ) became subject to banking regulations when it acquired Golden Pacific Bancorp in February. Meanwhile, its stock has dropped 74% over the past year as the moratorium on student loan payments has hurt its student loan refinancing business. SoFi ( SOFI ), which allows members to invest in crypto through its platform and executed by third-party partners, launched in March a feature that allows members to invest part of every direct deposit into cryptocurrency .