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In a response to the escalating regulatory turbulence in the US, Bakkt, a prominent cryptocurrency exchange, has decided to remove solana (SOL), polygon (MATIC), and cardano (ADA) from its trading roster. This step is taken in light of the growing legal uncertainty surrounding the provision of these altcoins in a manner that abides by the existing regulations.
This development unfolds amidst the intensifying pressure from the U.S. Securities and Exchange Commission (SEC) on web3 market participants in the country. The SEC has relentlessly pursued cases against notable exchanges such as Binance and Coinbase, alleging the facilitation of trading unregistered securities, which include SOL, MATIC, and ADA.
In Bakkt’s response to these increasing pressures, the exchange’s general counsel and secretary, Marc D’Annunzio, pointed out the dire need for more comprehensive regulatory guidelines to continue offering these coins without compromising compliance.
Earlier this month, the SEC, led by Gary Gensler, classified 67 altcoins as securities, cumulatively worth around $100 billion. Consequently, Robinhood, a leading American financial services company, announced its decision to discontinue support for SOL, MATIC, and ADA by June 27.
Similarly, eToro, a popular social trading platform, declared its intent to remove polygon, MANA, DASH, and ALGO from its US platform starting July 12, adhering to the ongoing regulatory crackdown.
Bakkt had earlier delisted ALGO and MANA, in response to the SEC’s lawsuit against the now-defunct Bittrex. Despite these challenges, Bakkt continues to support eight other cryptocurrencies, including BTC, ETH, DOGE, LTC, USDC, and Shiba Inu.
Amidst the ongoing legal concerns, Bakkt has confirmed to reinforce its compliance initiatives and to adjust to the rapidly evolving landscape. The exchange remains hopeful for more clarity from regulators to facilitate the provision of a wider range of altcoins to its user base in a legally compliant manner.