SoFi

A credit card can be a useful tool for managing your money. But before tapping into the benefits, the first thing to know is how to get a credit card. There are some requirements, and some tips that can help when it comes to getting approved.

Here’s the lowdown on the key things to know to apply for a credit card — and most importantly, to get approved for a credit card.

What to Consider When Applying for a Credit Card

Before you worry about how to get a credit card, it’s helpful to first understand what a credit card is. As the first word in its name suggests, a credit card is a line of credit, which is a type of flexible loan that enables you to borrow money up to a fixed limit.

When an individual charges a transaction at a business that accepts credit card payments, the credit card company pays the merchant. The cardholder must then pay back the credit card company by a designated date. Otherwise, they’ll incur interest charges.

This basic premise of how credit cards work means the card company is taking a risk when extending credit to any individual. They assess that risk via an application that determines not only whether the individual gets approved for a credit card, but also factors like their credit card limit and annual percentage rate (APR) on a credit card.

Before applying, there are some important considerations that can help improve your chances of getting approved for a credit card.

Recommended: Tips for Using a Credit Card Responsibly

Learn About the Terms Associated with Your Credit Card

Evaluating different credit cards can feel overwhelming for a newbie, so it’s a good idea to get familiar with some basic credit card terms that are common across all credit cards. Here are some common terms you might run into in a credit card application and as you begin to use your new card:

•   Balance: Your balance is the amount of money you owe on your credit card. This can include purchases (even paying taxes with credit card) as well as any fees, balance transfers, and cash advances.

•   Balance transfer: A balance transfer is when you move money from one credit card to another credit card, ideally one with a lower APR. This can allow you to pay off your debt more easily, though you’ll often pay a balance transfer fee to move over the balance.

•   Billing cycle: A credit card billing cycle is the period of time between the regular statements you receive from your credit card company. Usually, billing cycles occur on a monthly basis.

•   CVV: The card verification value, or CVV number on a credit card, is a three- to four-digit number that appears on a physical credit card. It serves as an additional layer of security in transactions that occur over the phone or online.

•   Expiration date: A credit card expiration date represents when a credit card is valid until. Usually shown as a month and a year, you can use your credit card up until the last date of that month in that year.

•   Late fee: The late fee is a charge you’ll incur if you miss making at least your minimum payment by your payment due date. To avoid this fee, it’s important to alway pay on time, even if you’re in the midst of disputing a credit card charge, for instance.

•   Minimum payment: The credit card minimum payment is the least amount you must pay each month on your outstanding balance. This can be a flat amount or a percentage of your outstanding balance.

•   Purchase APR: The APR for purchases represents the total annual cost of borrowing money through purchases made with your credit card. This APR applies only on remaining balances after the statement due date.

Decide on the Type of Credit Card You Need

There are a number of different types of credit cards out there that can serve different needs. For instance, there are:

•   Travel rewards credit cards

•   Cashback credit cards

•   Credit-building credit cards

•   Balance transfer credit cards

While most of the above types of cards are unsecured credit cards, meaning no deposit is required, there are also secured credit cards. These do require a deposit, though they may also be more accessible to those with limited or low credit.

Different types of cards offer different benefits, and they may also vary when it comes to things like annual fees or average credit card limits.

There may also be differences in the requirements for getting approved. It’s not so much a question of how old you have to be to get a credit card — rather, different cards may have varying requirements for minimum income or credit score needed to qualify.

Before applying, it’s a good idea to do some comparison shopping to find a card that not only fits your needs but also that you’re eligible for.

Check Your Credit Score

Your credit score is a number that indicates the likelihood that you’ll repay a debt. It’s based on your credit history, and banks use it as a tool for evaluating credit card applications and deciding whether to approve them.

Here are some common factors that can affect your credit score:

•   Payment history, including on-time payments, missed payments, and having an account sent to collections

•   Credit utilization, or how much one owes relative to their total available revolving credit

•   Length of credit history

•   Types of credit accounts

•   Recent activity, such as applying for or opening new accounts

Generally, the higher an individual’s credit score, the more creditworthy they’re considered. If using the FICO scoring model, here’s a general breakdown of what various scores mean:

•   Less than 580: Poor

•   580-669: Fair

•   670-739: Good

•   740-799: Very good

•   800+: Exceptional

It’s a good idea for an individual to know their score and their chances of getting approved before applying for a credit card. The minimum credit score for a credit card will vary depending on the type of card it is.

For example, rewards credit cards, which come with big perks, tend to require a good credit score. But some types of credit cards, such as secured credit cards, may be more accessible to those with lower credit scores because they pose a lesser risk to lenders. This can make the latter category more appealing if, for instance, you’re getting your first credit card.

It’s worth noting that pulling one’s own credit information is considered a “soft inquiry” and does not reduce their credit score. When you apply for a new credit card, however, it will generate a “hard inquiry,” which can lower your credit score temporarily.

Where to Apply for a Credit Card

Credit cards are offered through banks, credit unions, retailers, airlines, colleges and universities, and a host of other institutions. This means that there are a variety of places where one can apply for a credit card — and often a number of ways to apply.

You can apply for a credit card in person, such as at a bank branch or retail location. Or, you may apply over the phone. Most credit card issuers also offer online applications, which add convenience to the process.

How to Apply for a Credit Card in 3 Steps

Ideally, by the time you sit down to actually apply for a credit card, you’ll have done the necessary homework to determine if you should get a credit card. This includes checking your credit score and potentially getting preapproved (though more on that later).

1. Gather the Necessary Information

The application process will be easier — and likely quicker — if you’re prepared. This means gathering any necessary documentation (more on what you’ll usually need in the next section) and having reverent information on hand, such as your income and Social Security number.

2. Fill Out and Submit an Application

Next, it’s time to fill out the application. There are a few ways you can do this: online, over the phone, or through the mail. It’s generally quickest to complete an application online.

You’ll need to fill in the requested fields and upload (or make copies of) any necessary documents. Once you submit your application, you should hear back within a few weeks at the most — sometimes, you’ll hear back almost the same day.

3. Be Ready for the Credit Impact and Repayment

As you wait for your credit card to arrive in the mail, you should take stock of the recent hit you took to your credit from the hard inquiry. It’s generally advised to avoid applying for multiple credit cards or loans within a short period of time to minimize the credit impact.

Also start to consider your strategy for how you’ll repay your credit card balance once you start swiping. Consider setting up automatic payments from your bank account each month to make sure you’re not late, or you might set a reminder on your phone or in your calendar.

What Do You Need to Apply for a Credit Card?

While application requirements will depend on the credit card issuer, what you need to apply for a credit card generally includes:

•   Annual income

•   Address and length of time at that address

•   Date of birth

•   Phone number

•   Social Security number

•   Employment status and sources of income

•   Financial accounts and/or assets

•   Financial liabilities

•   Country of citizenship and residence

Credit Card Preapproval and Prequalification

Getting prequalified or preapproved for a credit card means you’ve been prescreened for a credit card and meet at least some of the eligibility requirements. The two terms can be used interchangeably, though preapproval might carry slightly more weight in terms of your odds of eventual approval.

You’ll still need to go through the formal application to get approved for a credit card though, as neither preapproval or prequalification means you’ve been approved. The formal application process will involve a hard inquiry, whereas prequalification and preapproval generally only involve soft inquiries.

Still, preapproval or prequalification can be a good way to suss out potential credit card options and likelihood of getting approved before you move forward with an application and risk the impact to your credit.

What Happens If Your Application Is Turned Down?

Getting turned down for a credit card is indeed disappointing. When a credit card application is declined, you have the right to know why. You can request details about your application in the form of an adverse action letter, which includes the reason for the denial, details about your credit score, and notice of the right to dispute the accuracy of information provided by the credit reporting agency.

This can serve as helpful context for understanding why an application was declined. It can also help in determining what the appropriate next steps are for improving one’s chances of approval, if and when you apply for another credit card. For instance, you may consider applying for a credit card that has less stringent credit requirements, or you may take steps to improve your credit score and try again at a later date.

Secured and Prepaid Credit Cards

If you were turned down for a credit card, you might take some steps to improve your credit before trying again, or you might consider other options. Two alternatives you might look into are secured credit cards and prepaid credit cards.

With a secured credit card, you put down a deposit, which serves as collateral and usually acts as the card’s credit limit. Because there’s collateral there for the credit card issuer to fall back on if you fail to make your payments, secured credit cards are generally easier to get approved to than the more traditional, secured credit cards.

Prepaid debit cards don’t let you work on building your credit, as you’re not actually borrowing funds. Rather, you load the card with funds that you can then use in person or online. This can offer some of the convenience that a credit card offers over cash, without the application and approval process.

The Takeaway

Applying for a credit card can be a simple three-step process of gathering the required details, submitting an application, and handling the likely credit impact. You will probably have many options when selecting a card, so take your time to find the right fit.

Whether you're looking to build credit, apply for a new credit card, or save money with the cards you have, it's important to understand the options that are best for you. Learn more about credit cards by exploring this credit card guide.

FAQ

How do I choose a credit card?

Choosing a credit card is a personal decision that depends on your needs, preferences, financial habits, and eligibility. Before applying for a credit card that appears to fit your needs, it’s a good idea to check your credit score and any other requirements, such as minimum income, to improve your chances of getting approved.

How long does it take to get a credit card?

The length of time it takes to get a credit card can depend on a number of factors, including the eligibility requirements and how an application is submitted. Some online credit card applications offer fast or even instant approval, although it can take some additional time for the credit card to arrive in the mail.

Does your credit get pulled when applying for a credit card?

Generally, a credit card company will do a hard credit inquiry before extending final approval. However, there may be some scenarios where a credit card issuer may only do a soft inquiry, such as if an individual has been preapproved for a credit card or already has a banking relationship with the credit card issuer.

What are the requirements needed to get a credit card?

The requirements to get a credit card will typically vary from card to card. However, you’ll generally need to provide information on your annual income, your employment status, and your current debt obligations. Your creditworthiness also comes into play, though credit score requirements will differ depending on the card.

Can you get a credit card with no credit history?

It is possible to get a credit card with no credit history, though your options may be more limited. You may have an easier time getting approved for a secured credit card or a basic, no-frills credit card.

Photo credit: iStock/Dome Studio

Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SOCC0222003

The three-legged stool analogy refers to the three sources of income investors can tap in retirement. Here’s a summary of each, and who has access.

Crypto regulation in the U.S. is one of the murkiest topics in the finance space. While the federal government has started to turn the wheels on developing new rules for the space, as of early 2023 it’s still something of a free-for-all.

While crypto has over the past decade grown considerably in both adoption and popularity, crypto rules and regulations have, conversely, not changed or evolved at the same pace.

In addition, there are differing rules in different countries, and there have been some notable changes and moves in regards to crypto regulation from some U.S. agencies — e.g. regarding the question of whether crypto is a commodity or a security.

It can be difficult to keep up with, but given the potential impact on crypto investors, it’s critical to try and understand what’s happening regarding crypto regulation at a high level.

Note: This article is only a high-level overview of crypto regulations. And, as crypto is not currently regulated (which is discussed below), it is highly volatile to invest in and comes with significant risk.

Background on US Crypto Regulations

The U.S. government, at various levels and through numerous agencies, makes decisions about how to regulate new or developing technology all the time — though it’s not always fast. The process can take years — for instance, we’re only now beginning to hear about potential rulemaking for tech like artificial intelligence (AI).

Regulation has been slow to come to blockchain technology, too, though it’s been around for many years now. It’s complex but can be applied in many industries, and cryptocurrencies are just one part of the broader usage possibilities of this technology.

Though a lack of crypto regulation has been appealing to many in the crypto space, it has its downsides, too. For example, it’s prevented some U.S. citizens from participating in new crypto offerings, and has also led some blockchain and crypto companies to set up shop outside of the country.

Although the U.S. has been slow to release comprehensive laws and regulations about cryptocurrencies, the Securities and Exchange Commission (SEC) has, in recent years, started to crack down on certain aspects of the crypto industry. That includes initial coin offerings (ICOs), and the agency has even gone after individuals in the space for insider trading.

But actions have mostly occurred on a case-by-case basis, and there is still a lack of an overall regulatory framework at the federal level that relates to crypto. That isn’t novel to crypto, though, as in the U.S., a regulatory landscape is typically created over time as issues arise.

Recommended: Understanding Different Types of Crypto

Current US Regulations

It’s very difficult to get a sense of the current state of U.S. crypto regulations, as there are many balls in the air. Though the Biden Administration did release a framework for regulating crypto in 2022, the implementation of new rules is still likely years away. As such, different agencies like the IRS, SEC, CFTC, and others, are taking different approaches to dealing with crypto, given a lack of unifying guidelines.

For investors, here’s where things currently stand.

Cryptocurrencies are currently viewed by the IRS as assets or property, which means that capital gains taxes apply. Crypto is not considered legal tender (a currency, in other words), but rather an asset like real estate, or shares in a company.

The SEC, through various actions, has determined that some cryptocurrencies can be considered securities. It’s unclear if its goal is to apply securities laws to the industry across the board, but if that does happen, it would affect everything from exchanges to ICOs to companies that develop crypto wallets.

There are numerous ongoing lawsuits involving crypto companies and the SEC as well, such as the case against the payment and exchange platform, Ripple (XRP).

Unlike the SEC, the Commodity Futures Trading Commission (CFTC), which governs some financial institutions, considers Ether (ETH), the second-most traded cryptocurrency, as a commodity, rather than a security. This stance, and the resulting regulations attached to it, would be more crypto-positive than the SEC’s position, because it would allow ETH to be traded on commodities markets.

This difference in how crypto is viewed among agencies (securities vs. commodities) has also created something of a turf war between the CFTC and SEC regarding financial regulation, which is ongoing.

Congress, which traditionally passes legislation, has introduced many bills related to cryptocurrency over the years. But it has yet to pass meaningful, expansive rules that other agencies and crypto companies can follow and use as guidelines. The wheels are turning, but again, as of early 2023, Congress has yet to create regulatory guidance or even clarity.

Future Regulations

As noted, the U.S. has been taking its time in solidifying cryptocurrency regulations, but that doesn’t mean there haven’t been, and aren’t, continued discussions on Capitol Hill concerning crypto.

The troubles experienced by the crypto markets for most of 2022, and the subsequent collapse of big crypto exchanges, may end up spurring action among Congressional leaders faster than anticipated.

The Challenge of Regulating Crypto

Although the ultimate shape and form that crypto regulation takes in the U.S. won’t please everyone, many companies and participants in the crypto space welcome it, as it will finally provide some clarity, and help them ensure they’re not doing anything illegal.

It’s important to remember that cryptocurrency technology is complex, and there are many factors to take into consideration. Unfortunately, the technology is changing very quickly and policymaking is generally very slow, which may result in regulations being passed that are already out of date or irrelevant.

Part of the delay is due to the fact that there isn’t a particular or single regulating body to pass and enforce cryptocurrency regulations. As mentioned, the SEC and the CFTC can step in if an exchange does something they deem illegal, but state-level laws actually apply to most money-transmitting operations. Congress could potentially form a new regulatory body for cryptocurrencies.

At this point, we simply don’t know what will happen, and current regulation of the crypto market appears to rest in the hands of agencies like the SEC and CFTC, while everyone waits on Congress to act.

Also, the way that cryptocurrencies are currently taxed could lead to an investor seeing a large tax bill. Navigating crypto taxes requires a more in-depth level of attention and knowledge than many investors have, as they tend to think of their holdings as currency, rather than property.

This is another area in which investors could use clarity and guidance.

Stablecoin Regulations

Stablecoins are cryptos that maintain a fixed value and often function like fiat currencies. They’re typically pegged to fiat currencies, too, like the U.S. dollar, which means they’re often the subject of special considerations when discussing regulation.

Currently, stablecoins are not subject to special regulations, but may be among the first to become regulated or subject to new rules in coming years. As of early 2023, a new U.S. House of Representatives subcommittee on digital assets and financial technology has said that working out stablecoin regulations was at the top of their to-do list — with the idea of tinkering with the framework that could eventually regulate the entire space.

Crypto ETF Regulations

Exchange-traded funds, or ETFs, are a common investing tool, and yes, there is such a thing as a crypto ETF. These ETFs offer exposure to price movements of certain cryptos, but not cryptos themselves, as the SEC has not given them the official green light to begin trading.

That said, if you want to invest in a crypto ETF, there are ways to do it, but the ETFs will track crypto-exposed or adjacent companies, rather than the underlying crypto itself.

Cryptocurrency Tax Evasion

Tax evasion is when you fail to pay your taxes or otherwise try to deceive the IRS regarding any potential tax liabilities you have. And given that crypto investing can and will produce a tax liability, investors need to know that they could be charged with tax evasion if they don’t follow the rules.

Generally speaking, investors will be on the hook for capital gains taxes as related to crypto investing. The tax liability is triggered when they sell crypto — at that point, they bought the crypto at one price and sold it at another, creating a gain or a loss. They will owe taxes on any gain, and the amount they owe will depend on numerous other factors.

But again, many crypto investors may overlook their tax liabilities, which could lead to problems down the road. The IRS has, until this point, given crypto investors a lot of leeway with their taxes, but that could change in the coming years.

Global Cryptocurrency Regulations

There is currently no global regulation standard for Bitcoin and other cryptocurrencies. Regulations, instead, are handled individually by each nation. There has been some coordination on the international level, however, to stop money laundering and other illegal activity.

One example: In June 2019, the Financial Action Task Force (FATF) released regulations requiring virtual asset service providers, which includes cryptocurrency companies in more than 200 countries, to verify the identities of anyone sending more than $1,000 in a transaction as a part of anti-money laundering rules framework. Exchanges and ICOs, which may operate in other countries. previously had to comply with certain “know your customer” (KYC) rules, needed to adjust to the new guidelines.

In the interim as well, members of G-20 (a group of leading international countries and economies) have debated the future of crypto and how to regulate it. Even so, each country is taking its own approach to crypto, with some outright banning it (like China), with others partially banning it (Russia, India, Vietnam).

Crypto Regulations in Other Countries

Again, each country has its rules regarding crypto. And over time, broader rules are developing and guidelines are coming together. Some countries have even launched their own digital currencies through their central banks — called central bank digital currencies (CBDCs).

In 2018, Malta became the first country to release a comprehensive framework for the use of cryptocurrencies. Under that framework, businesses need to acquire certifications, go through specific processes to run ICOs, and more.

Malta set something of a precedent with its guidelines, and other countries have followed suit in recent years. Nations like Japan, Australia, and more have since issued their own rules and regulations to help mold their domestic crypto markets, which often include requiring businesses to get licenses or authorizations to operate in the crypto sphere.

Others, however, have gone a different route, banning crypto outright. China is the largest country to do so to this point. Similarly, when Ecuador attempted to launch their own cryptocurrency, they banned others to eliminate competition — a decision which may be revisited in the future.

As of February 2023, there are 132 countries where Bitcoin use or trading is unrestricted, and a handful (mostly in Asia) where it is illegal or restricted.

Canadian Crypto Regulations

Similar to the U.S., crypto rules and regulations in Canada are still taking shape. Like in the U.S., Canadian regulators do not consider crypto to be legal tender or fiat currency, and crypto is taxed similar to commodities.

There are scenarios in which Canadian regulators consider crypto to be a security, but it’s typically done on a case-by-case basis. Further, crypto exchanges or trading platforms need to register with respective provinces, and crypto investment companies likewise need to register with the government. It’s also worth noting that there are many crypto ETFs that trade on the Toronto Stock Exchange.

EU Crypto Regulations

Crypto legality is left up to individual countries that comprise the European Union (EU), but it is mostly legal. There are varying tax levels, too, and some broader EU anti-money laundering rules do dictate how some countries are required to regulate their specific crypto markets.

There is new legislation in the pipeline, too. The Market in Crypto-Assets (MiCA) rules, which will introduce new crypto regulations to all 27 EU members, are expected to become law at some point in 2023.

Australian Crypto Regulations

Australian crypto regulations deem crypto property, the same as the U.S. Exchanges also need to register with the country’s government and follow existing rules and guidelines. There are also rules regarding ICOs, and interestingly, the Australian government banned exchanges from offering privacy coins. Similar to most other countries, too, Australia has more regulations cooking, though it’s unclear when or if they’ll be made law.

Pros and Cons of Crypto Regulation for Investors

Rules and regulations sound like they’re designed to kill the crypto party, but they can have upsides and downsides for investors.

Pros of Crypto Regulation

Increased Stability

The crypto markets are notoriously volatile, and regulation could help smooth things out for investors.

More regulations may also make it possible for larger funds, banks, and other established financial players to get involved. However, more regulations may cause certain cryptocurrency users to move away from exchanges and toward peer-to-peer transactions in order to keep the privacy characteristics intact.

More Confidence from Investors

Some consumers have not invested in cryptocurrencies because of the fear of crypto scams and the halo of uncertainty around the space, so it’s possible that regulations will encourage them to get involved.

Making the Crypto Space Safer

Many exchanges and ICOs have turned out to be scams and have been vulnerable to hackers. Regulations may not have prevented all of those financial losses, but they could have helped with some. Business requirements such as insurance, cybersecurity requirements, and audits can all be positive for the industry.

Cons of Crypto Regulation

Loss of Privacy and Anonymity

Privacy is one of the overarching principles of cryptocurrencies, and is nearly impossible to regulate. Governments may want to be able to track cryptocurrency transactions in order to prevent crime, but also so that they can collect taxes.

Policymakers can require that exchanges take users’ information, but you don’t necessarily need to go through an exchange to use cryptocurrencies.

US Investors Could Be Shut Out of Some Market Elements

Many cryptocurrencies, such as Bitcoin, don’t have a central authority or founder, so there isn’t any business or team that can be regulated or shut down. Certain privacy coins may be at risk if regulators attempt to require identification for all transactions.

Unfortunately for U.S. investors, the lack of legal clarity has caused some exchanges and businesses to base themselves in other nations and exclude U.S. participation. U.S. customers have not been able to invest in certain ICOs for this reason.

Accreditation May Be Required for ICOs

In certain circumstances, the U.S. only allows accredited investors to participate in investments — like how accredited investors can take part in certain IPO private placements. This may come to the crypto market, too, and if certain thresholds were required for ICOs, for example, it could stymie the growth of the industry and would block many would-be investors from participating.

How Do Regulations Affect You as an Investor?

Currently, as a U.S. investor you can buy, sell, or trade cryptocurrencies on numerous exchanges and investment platforms. That could change, depending on how the government chooses to regulate crypto. It’s really all up in the air.

But know this: Regulations can have a huge effect on investors. Sometimes it’s positive, sometimes it’s negative — it’s often a mix of both.

Changes to how crypto is taxed could spur a host of different investing and crypto tax-loss harvesting strategies, for one. And increased enforcement could chase some investors out of the crypto space all together. Further, changes to ICO rules could also complicate things.

Changes to how crypto is classified (a security, a commodity, or something else entirely) could also have big ramifications. It could change how crypto is traded, who or what is allowed to facilitate those trades, when they can be done, and more. Again, it’s hard to speculate (and probably wise not to) since we simply don’t know what might happen, and what the fallout could be.

The Takeaway

There’s no getting around it: Crypto is at a critical period in its history, and it’s hard to make heads or tails of the rules and regulations surrounding it. As it stands in the U.S. the space is largely unregulated — but some agencies are debating new rules, and Congress and the White House have also started to ramp up their work on regulatory framework.

For investors, a good rule of thumb is to do your best to follow the rules as you understand them, stick to known exchanges and cryptos, and keep records. Also, don’t forget to pay your crypto tax liabilities.

FAQ

Are cryptocurrencies regulated at all?

To a degree, yes, but it’s hard to say how, exactly, and by whom. While there still are no federal guidelines or regulations put into place by Congress, some agencies like the SEC and CFTC are regulating certain cryptos.

Who regulates cryptocurrencies?

Currently, agencies such as the SEC and CFTC are doing the lion’s share of crypto regulation in the U.S., although neither exactly has crypto within their respective purviews. That could change, however, if wider crypto regulations are adopted.

Is Bitcoin regulated? If so, how?

Bitcoin is not regulated, at least not in any cohesive or comprehensive manner. It is possible that investors could still run afoul of regulatory agencies, though, like the IRS, SEC, or CFTC.

SoFi Invest®