Crypto platform Bakkt drops Cardano, Polygon, Solana as SEC scrutiny intensifies

Bakkt is the latest US-based crypto platform to delist Cardano, Polygon and Solana citing recent regulatory uncertainty in these assets. luck Reported on June 16th.

Bakkt General Counsel and Secretary Marc D’Annunzio was quoted as saying:

“[Bakkt is taking this measure] Until it becomes clearer how to compliantly provide a broader list of coins. “

The U.S. Securities and Exchange Commission (SEC) labeled delisted assets as collateral in its lawsuits against Binance and Coinbase. Financial regulators have alleged that cryptocurrency exchanges have violated federal securities laws by facilitating the trading of unregistered security tokens.

Meanwhile, the team behind these digital assets vehemently rejected this SEC classification.

Bakkt previously delisted digital assets

In May, Bakt delisted 25 digital assets at once, including Filecoin, Avalanche, Uniswap, Chainlink, Cosmos, Stellar and Internet Computer. At the time, a company representative said the company’s decision was due to regulatory changes taking place in the crypto space.

Prior to that, Bakkt delisted Algorand and Decentraland in April following the SEC lawsuit against Bittrex.

Bakkt, on the other hand, supports eight cryptocurrencies including Bitcoin, Ethereum, Dogecoin, Litecoin, USDC, and Shiba Inu.

Regulatory uncertainty prompts exchanges to act

The SEC’s recent regulatory onslaught has forced several U.S.-based cryptocurrency companies to reassess their crypto listings.

In the past seven days, at least two cryptocurrency exchanges have announced decisions to end support for some digital assets deemed securities by the SEC. Robinhood announced on June 9 that its platform will end support for ADA, SOL and MATIC by June 27.

Three days later, another trading platform, eToro, ended US customers’ access to four cryptocurrencies, including DASH, MANA, ALGO and MATIC.