According to a recent report by Fortune, the New York-based digital asset marketplace Bakkt will delist three popular cryptocurrencies: Cardano (ADA), Solana (SOL), and Polygon (MATIC).
This unexpected move comes after Bakkt’s $155 million purchase of Apex Crypto, which greatly increased Bakkt’s selection of alternative currencies.
The driving force for this decision, according to Bakkt, is the regulatory environment’s growing unpredictability. The business wants to better grasp the legal requirements before adding other cryptocurrency to the list.
This choice has undoubtedly been inspired by recent legal actions taken by the U.S. Securities and Exchange Commission (SEC) against illustrious cryptocurrency behemoths Binance and Coinbase.
The three cryptocurrencies that Bakkt plans to delist, SOL, MATIC, and ADA, have been accused by the SEC of being unregistered securities.
It should be noted that this is not the first time Bakkt has delisted a token; in May, the platform delisted several important tokens including Aave, Avalanche, and Compound.
According to U.Today, the popular trading site Robinhood has also stopped supporting ADA, SOL, and MATIC. This happened immediately after the SEC sued the two leading cryptocurrency exchanges.
The organisations that support Cardano and Solana, IOG and the Solana Foundation, have refuted the SEC’s allegations, asserting that the blockchains are decentralised.
Coinbase has stated that it will not delist any assets or stop offering its staking services, appearing unconcerned by the complaint.
The ensuing weeks and months are anticipated to have a big impact on how these digital assets and the larger cryptocurrency market develop in the future.
