Intercontinental Exchange-owned Bakkt has delisted Solana, Polygon, and Cardano, adding to a growing list of crypto firms ending support for the tokens amid a wave of regulatory uncertainty in the United States.
Bakkt Shakes Up Crypto Offerings, Delists ADA, MATIC, SOL
Regulatory pressures have led New York-based digital assets platform Bakkt to delist native tokens for prominent blockchains Solana, Polygon, and Cardano.
Bakkt’s general counsel and secretary Marc D’Annunzio told Fortune the firm was implementing changes “until there is further clarity on how to compliantly offer a more extensive list of coins.”
The exchange Bakkt delisted ADA, MATIC, and SOL on the grounds of unclear supervision. Bakkt delisted Algorand and Decentraland tokens amid the SEC lawsuit against Bittrex, and then voluntarily delisted 25 tokens in May. Bakkt currently offers eight tokens including BTC, ETH,… — Wu Blockchain (@WuBlockchain) June 16, 2023
The delisting move comes after the U.S. Securities and Exchange Commission filed two lawsuits last week against cryptocurrency exchanges Coinbase and Binance . The regulator alleged that SOL, MATIC, ADA, and other digital assets were unregistered securities in both filings.
Robinhood Started The Trend
Bakkt is at least the third company in recent days to axe tokens labelled as unregistered securities by the SEC. Popular trading app Robinhood cut support for ADA, MATIC, and SOL on June 9. eToro followed suit on June 12, suspending trading of Decentraland, Dash, Algorand, and Polygon for U.S. customers in light of the SEC’s recent legal action. This is not the first time eToro is delisting tokens in response to SEC-related pressure. In late 2020, the platform halted access to XRP shortly after the SEC sued Ripple.
That being said, Bakkt does not seem to be popular enough to impact investor sentiments or the market. The prices of ADA, SOL, and MATIC are up by 1.8%, 3.7%, and 1.1%, respectively, despite the company’s decision.
Still, Bakkt’s decision to halt support for major altcoins may influence other companies to follow suit.
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