Bakkt is the latest US-based crypto platform to delist Cardano, Polygon and Solana due to recent regulatory uncertainty surrounding these assets, Fortune reported on June 16.
Bakkt general counsel and secretary Marc D’Annunzio reportedly said:
“[Bakkt is taking this measure] until there is more clarity on how to offer a more comprehensive list of coins compliantly.
The US Securities and Exchange Commission (SEC) had designated the delisted assets as collateral in its lawsuit against Binance and Coinbase. The financial regulator alleged that the crypto exchanges violated federal securities laws and allowed the trading of unregistered securities tokens.
Meanwhile, the teams behind these digital assets have vehemently rejected this SEC classification.
Bakkt has previously removed digital assets
Bakt took 25 digital assets off the list in May, including Filecoin, Avalanche, Uniswap, Chainlink, Cosmos, Stellar, and Internet Computer. At the time, a company representative attributed the company’s decision to the regulatory changes in the crypto space.
Before that, Bakkt had delisted Algorand and Decentraland in April following an SEC lawsuit against Bittrex.
Meanwhile, Bakkt supports eight cryptocurrencies, including Bitcoin, Ethereum, Dogecoin, Litecoin, USDC, and Shiba Inu.
Regulatory uncertainty forces exchanges to act
The recent SEC regulatory strike has forced several US-based crypto companies to reassess their crypto listings.
Over the past seven days, at least two crypto trading firms have announced their decision to end support for some digital assets that the SEC had designated as securities. On June 9, Robinhood said its platform would end support for ADA, SOL, and MATIC by June 27.
Three days later, another trading platform, eToro, terminated its US clients’ access to four cryptocurrencies, including DASH, MANA, ALGO, and MATIC.