Bakkt has delisted Solana (SOL), Polygon (MATIC) and Cardano (ADA), citing US regulatory uncertainty. The exchange said it is waiting for further clarification on how to compliantly offer more altcoins.
The current regulatory cloud in the US continues to affect the cryptocurrency industry as Bakkt announced the delisting of SOL, MATIC and ADA.
The decision comes amid a continued onslaught of domestic Web3 market participants by the US Securities and Exchange Commission (SEC) despite failing to develop clear guidelines for the emerging industry.
The SEC lawsuit against Binance and Coinbase alleges that both exchanges facilitated the trading of unregistered securities, including SOL, MATIC and ADA. Bakkt general counsel and secretary Mark D’Annunzio said: emphasized Before offering more coins for compliance, more clarification is needed.
Earlier this month, a watchdog led by Gary Gensler marked 67 altcoins as securities, with a market capitalization of $100 billion.
American financial services firm Robinhood recently announced plans to stop supporting Solana, Polygon and Cardano by June 27, in line with the current regulatory crackdown.
Similarly, social trading platform eToro has announced that it will delist Polygon, MANA, DASH and ALGO from its US platform starting July 12.
Bakkt also delisted ALGO and MANA earlier this year following the SEC lawsuit against bankrupt Bittrex. However, Bakkt still supports 8 cryptocurrencies including BTC, ETH DOGE, LTC USDC and Shiba Inu. As regulatory issues continue, Bakkt aims to strengthen its compliance efforts and adapt to change.