Bakkt Takes Proactive Measures, Delists Polygon, Solana, and Cardano Amid Regulatory Crackdowns

According to a Fortune study published connected June 16, the cryptocurrency plus level Bakkt is delisting 3 cryptocurrencies owed to the existent regulatory climate. Bakkt’s wide counsel stated that the level volition grow its coin offering erstwhile determination is “further clarity.”

Bakkt Reacts to Regulatory Pressure, Delists Solana, Polygon, and Cardano

Bakkt, the New York-based integer plus platform, revealed Friday that it is delisting solana (SOL), polygon (MATIC), and cardano (ADA). The determination comes arsenic the U.S. Securities and Exchange Commission (SEC) intensifies its scrutiny of cryptocurrency platforms and designates definite assets arsenic unregistered securities.

The announcement of Bakkt’s delisting of SOL, MATIC, and ADA was made by the company’s wide counsel and secretary, Marc D’Annunzio, successful an interrogation with Fortune. D’Annunzio stated that the proactive removal would proceed “until determination is further clarity connected however to compliantly connection a much extended database of coins.”

Prior to Bakkt’s decision, the integer trading level Robinhood has chosen to delist cardano (ADA), solana (SOL), and polygon (MATIC). Similarly, Tel Aviv-based Etoro has announced the delisting of ALGO, MANA, DASH, and MATIC for U.S. customers, citing the aforesaid reasons. Both Robinhood and Etoro said the firms are implementing proactive measures until regulatory clarity is established successful the United States.

All the tokens that were antecedently listed connected Bakkt, Robinhood, and Etoro and subsequently delisted person been classified arsenic unregistered securities by the U.S. SEC. The SEC’s enforcement lawsuits besides place XRP, TON, OMG, POWR, BTT, KIN, TRX, MIR, EMAX, ALGO, and IHT, among others, arsenic securities.

Are the caller delistings by Bakkt, Robinhood, and Etoro a indispensable measurement towards regulatory compliance, oregon bash they hinder innovation successful the cryptocurrency space? Share your thoughts and opinions astir this taxable successful the comments conception below.