The delisting of SOL, MATIC, and ADA by Bakkt indicates that the US regulatory storm continues to have consequences for the cryptocurrency market.
In the SEC’s cases against Binance and Coinbase, it has been alleged that both exchanges made it much simpler to trade unregistered securities, including SOL, MATIC, and ADA.
The company’s chief counsel, Marc D’Annunzio, stated that this decision was being taken “unless there is additional information on how to compliantly offer a more extensive list of coins.”
The SEC classified 67 alternative currencies with a combined market value of $100 billion earlier this month as securities.
By the ongoing regulatory crackdown, Robinhood, an American provider of financial services, has stated plans to discontinue supporting Solana, Polygon, and Cardano by June 27.
Three days later, the DASH, MANA, ALGO, and MATIC cryptocurrencies were removed from the eToro trading site, which also served consumers in the United States.
Following the SEC’s lawsuit against the bankrupt Bittrex, Bakkt also delisted ALGO and MANA earlier this year. Despite this, Bakkt continues to support eight cryptocurrencies, including Shiba Inu, ETH DOGE, LTC, and BTC. Bakkt intends to increase its compliance efforts and act on developments as regulatory challenges persist.