Bakkt delists SOL, MATIC, and ADA amid regulatory uncertainty
Bakkt has delisted solana (SOL), polygon (MATIC), and cardano (ADA), citing regulatory uncertainty in the US. The exchange says it’s awaiting further clarity on how to offer more altcoins compliantly.
The current regulatory dark clouds in the US continue to impact the crypto industry, as Bakkt has announced the delisting of SOL, MATIC, and ADA.
The decision comes as the U.S. Securities and Exchange Commission (SEC) continues its onslaught against web3 market participants in the country, despite failing to formulate clear-cut guidelines for the fledgling industry.
SEC’s lawsuits against Binance and Coinbase allege that both exchanges facilitated trading unregistered securities, including SOL, MATIC, and ADA. Bakkt’s general counsel and secretary, Marc D’Annunzio, has emphasized the need for further clarity before offering more coins for compliance sake.
Earlier this month, the Gary Gensler-led watchdog marked 67 altcoins as securities, with a total market value of $100 billion.
Robinhood, an American financial services company recently announced plans to stop supporting solana, polygon, and cardano by June 27 in line with the current regulatory crackdown.
Similarly, eToro, a social trading platform, has stated that it will delist polygon, MANA, DASH, and ALGO from its U.S. platform starting July 12.
Bakkt also delisted ALGO and MANA earlier this year following SEC’s lawsuit against the now-bankrupt Bittrex. However, Bakkt still supports eight cryptocurrencies, including BTC, ETH DOGE, LTC USDC, and Shiba Inu. While the regulatory issues continue, Bakkt aims to reinforce its compliance efforts and adapt to changes.