NYSE-Backed Crypto Marketplace Bakkt Delists Cardano, Solana and Polygon After SEC Calls Them Securities: Report


Crypto marketplace Bakkt has reportedly delisted the Ethereum (ETH) competitors Cardano (ADA) and Solana (SOL), as well as the blockchain scaling solution Polygon (MATIC).

Last week, the U.S. Securities and Exchange Commission (SEC) labeled all three of the delisted tokens “crypto asset securities” in lawsuits against the exchanges Binance and Coinbase.

Bakkt, the digital asset marketplace backed by New York Stock Exchange (NYSE) operator Intercontinental Exchange (ICE), is removing support for the tokens until there is additional regulatory clarity, according to a new Fortune Crypto report.

Bakkt’s decision comes in the wake of retail trading giant Robinhood removing trading services for the same three assets last week.

On Wednesday, popular social trading platform eToro halted purchases for MATIC, in addition to smart contract platform Algorand (ALGO), gaming metaverse project Decentraland (MANA) and privacy-focused protocol Dash (DASH).

ADA is trading around $0.263 at time of writing. The eighth-ranked crypto asset by market cap is down nearly 30% since June 5th, the day the SEC’s lawsuit against Binance was announced.

SOL is trading at $15.37 at time of writing. The 11th-ranked crypto asset by market cap is down more than 28% over the same timeframe.

MATIC is trading around $0.593 currently. The 13th-ranked token by market cap is down more than 33% since the 5th.

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Source: https://dailyhodl.com/2023/06/17/nyse-backed-crypto-marketplace-bakkt-delists-cardano-solana-and-polygon-after-sec-calls-them-securities-report/

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