Bakkt is the most recent U.S.-based crypto platform to delist Cardano, Polygon, and Solana due to the current regulatory uncertainty surrounding these belongings, Fortune reported on June 16.
Bakkt’s basic counsel and secretary Marc D’Annunzio reportedly mentioned:
“[Bakkt is taking this measure] till there may be additional readability on find out how to compliantly supply a extra intensive listing of cash.”
The U.S. Securities and Alternate Fee (SEC) had labeled the delisted belongings as safety in its lawsuit towards Binance and Coinbase. The monetary regulator alleged that the crypto exchanges violated federal securities regulation and facilitated the trades of unregistered securities tokens.
In the meantime, the groups behind these digital belongings have vehemently rejected this SEC classification.
Bakkt beforehand delisted digital belongings
Bakt delisted 25 digital belongings in a single swoop in Could, together with Filecoin, Avalanche, Uniswap, Chainlink, Cosmos, Stellar, and Web Laptop. On the time, an organization consultant attributed the agency’s resolution to the regulatory modifications occurring within the crypto house.
Earlier than that, Bakkt had delisted Algorand and Decentraland in April following an SEC lawsuit towards Bittrex.
In the meantime, Bakkt helps eight cryptocurrencies, together with Bitcoin, Ethereum, Dogecoin, Litecoin, USDC, and Shiba Inu.
Regulatory uncertainty pushing exchanges to behave
SEC’s current regulatory onslaught has pressured a number of U.S.-based crypto corporations to reassess their crypto itemizing.
Over the past seven days, at the least two crypto buying and selling corporations have introduced their resolution to finish assist for some digital belongings the SEC had labeled as securities. On June 9, Robinhood mentioned its platform would finish assist for ADA, SOL, and MATIC by June 27.
Three days later, one other buying and selling platform eToro ended its U.S. clients’ entry to 4 cryptocurrencies, together with DASH, MANA, ALGO, and MATIC.