Digital Asset Platform Bakkt Follows Robinhood In Delisting Cardano, Polygon, Solana After SEC Lawsuits

<div style="margin-top:0px;margin-bottom:0px" class="sharethis-inline-share-buttons"></div> <p>Intercontinental Exchange-owned Bakkt has delisted Solana, Polygon, and Cardano, adding to a growing list of crypto firms ending support for the tokens amid a wave of regulatory uncertainty in the United States.</p> <h2 class="wp-block-heading" id="h-bakkt-shakes-up-crypto-offerings-delists-ada-matic-sol"><strong>Bakkt Shakes Up Crypto Offerings, Delists ADA, MATIC, SOL</strong></h2> <p>Regulatory pressures have led New York-based digital assets platform Bakkt to delist native tokens for prominent blockchains Solana, Polygon, and Cardano.</p> <p>Bakkt’s general counsel and secretary Marc D’Annunzio <a target="_blank" href="https://fortune.com/crypto/2023/06/16/bakkt-delists-solana-polygon-cardano-regulatory-clarity/">told </a><em>Fortune </em>the firm was implementing changes “until there is further clarity on how to compliantly offer a more extensive list of coins.”</p> <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper"> <blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">The exchange Bakkt delisted ADA, MATIC, and SOL on the grounds of unclear supervision. Bakkt delisted Algorand and Decentraland tokens amid the SEC lawsuit against Bittrex, and then voluntarily delisted 25 tokens in May. Bakkt currently offers eight tokens including BTC, ETH,…</p>— Wu Blockchain (@WuBlockchain) <a target="_blank" href="https://twitter.com/WuBlockchain/status/1669684096526860289?ref_src=twsrc%5Etfw">June 16, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8">

The delisting move comes after the U.S. Securities and Exchange Commission filed two lawsuits last week against cryptocurrency exchanges Coinbase and Binance. The regulator alleged that SOL, MATIC, ADA, and other digital assets were unregistered securities in both filings.

Robinhood Started The Trend

Bakkt is at least the third company in recent days to axe tokens labelled as unregistered securities by the SEC. Popular trading app Robinhood cut support for ADA, MATIC, and SOL on June 9. eToro followed suit on June 12, suspending trading of Decentraland, Dash, Algorand, and Polygon for U.S. customers in light of the SEC’s recent legal action. This is not the first time eToro is delisting tokens in response to SEC-related pressure. In late 2020, the platform halted access to XRP shortly after the SEC sued Ripple.

That being said, Bakkt does not seem to be popular enough to impact investor sentiments or the market. The prices of ADA, SOL, and MATIC are up by 1.8%, 3.7%, and 1.1%, respectively, despite the company’s decision. </p> <p>Still, Bakkt’s decision to halt support for major altcoins may influence other companies to follow suit.</p> <div class="td-a-rec td-a-rec-id-content_bottom tdi_4 td_block_template_5"> <style> /* custom css */ .tdi_4.td-a-rec{ text-align: center; }.tdi_4 .td-element-style{ z-index: -1; }.tdi_4.td-a-rec-img{ text-align: left; }.tdi_4.td-a-rec-img img{ margin: 0 auto 0 0; }@media (max-width: 767px) { .tdi_4.td-a-rec-img { text-align: center; } } </style><hr> <div id="bsa-zone_1619460361124-4_123456"></div> <hr> <div id="ct_choSgEO" style="display:none;margin-bottom:48px">   <a href="https://zycrypto.com/digital-asset-platform-bakkt-follows-robinhood-in-delisting-cardano-polygon-solana-after-sec-lawsuits/#" class="ct_url" target="_blank">     <img alt="Ads by Cointraffic" src="" class="ct_image" style="height:150px;width:auto;display:inline-block">   </a>   <div class="desc" style="display:inline-block;width:60%">     <div class="td-author-name vcard author"><span class="fn"><a href="https://zycrypto.com/digital-asset-platform-bakkt-follows-robinhood-in-delisting-cardano-polygon-solana-after-sec-lawsuits/#" class="ct_url" target="_blank"><span class="ct_headline"></span></a></span></div>     <div class="td-author-description ct_body" style="text-align:justify;text-justify:inter-word"></div>       <a href="https://cointraffic.io/" target="_blank" rel="nofollow" style="color:black;text-decoration:none;float:right;font-size:12px">Ads by Cointraffic</a>     <div class="clearfix"></div>   </div> </div></div> </div> <footer> <div class="td-post-source-tags"> <ul class="td-tags td-post-small-box clearfix"><li><span>TAGS</span></li><li><a target="_blank" href="https://zycrypto.com/tag/ada/">ADA</a></li><li><a target="_blank" href="https://zycrypto.com/tag/adausd/">ADAUSD</a></li><li><a target="_blank" href="https://zycrypto.com/tag/bakkt/">Bakkt</a></li><li><a target="_blank" href="https://zycrypto.com/tag/cardano/">Cardano</a></li><li><a target="_blank" href="https://zycrypto.com/tag/cryptocurrency/">Cryptocurrency News</a></li><li><a target="_blank" href="https://zycrypto.com/tag/matic/">MATIC</a></li><li><a target="_blank" href="https://zycrypto.com/tag/maticusd/">MATICUSD</a></li><li><a target="_blank" href="https://zycrypto.com/tag/polygon/">Polygon</a></li><li><a target="_blank" href="https://zycrypto.com/tag/sol/">SOL</a></li><li><a target="_blank" href="https://zycrypto.com/tag/solana/">Solana</a></li><li><a target="_blank" href="https://zycrypto.com/tag/solusd/">SOLUSD</a></li></ul> </div> <div class="td-block-row td-post-next-prev"><div class="td-block-span6 td-post-prev-post"><div class="td-post-next-prev-content"><span>Previous article</span><a target="_blank" href="https://zycrypto.com/this-new-hybrid-exchange-has-holders-buzzing-even-as-crypto-majors-like-shib-go-through-a-rough-patch/">This New Hybrid Exchange Has Holders Buzzing Even As Crypto Majors Like SHIB Go Through A Rough Patch</a></div></div><div class="td-next-prev-separator"></div></div> <div class="author-box-wrap"><a target="_blank" href="https://zycrypto.com/author/brenda-ngari/" aria-label="author-photo"><img alt="" src="https://secure.gravatar.com/avatar/331f97aaee2bf6b14cfcfd34df5086c7?s=96&d=mm&r=g" srcset="https://secure.gravatar.com/avatar/331f97aaee2bf6b14cfcfd34df5086c7?s=192&d=mm&r=g 2x" class="avatar avatar-96 photo" height="96" width="96" loading="lazy" decoding="async"></a><div class="desc"><div class="td-author-name vcard author"><span class="fn"><a target="_blank" href="https://zycrypto.com/author/brenda-ngari/">Brenda Ngari</a></span></div><div class="td-author-description">Brenda is a crypto and Blockchain enthusiast and has been crafting articles for at least a year. She has a solid background in Economics and Finance. When she is not writing crypto stories, she’s spending quality time with her family and friends or trying out different cuisines in the kitchen. Contact: Brenda.Ngari [at] zycrypto.com</div><div class="td-author-social"></div><div class="clearfix"></div></div></div> </footer> </div></div></article> <div class="td_block_wrap td_block_related_posts tdi_5 td_with_ajax_pagination td-pb-border-top td_block_template_5" data-td-block-uid="tdi_5"><script>var block_tdi_5 = new tdBlock(); block_tdi_5.id = "tdi_5"; block_tdi_5.atts = '{"limit":3,"ajax_pagination":"next_prev","live_filter":"cur_post_same_tags","td_ajax_filter_type":"td_custom_related","class":"tdi_5","td_column_number":3,"block_type":"td_block_related_posts","live_filter_cur_post_id":82141,"live_filter_cur_post_author":"140","block_template_id":"","header_color":"","ajax_pagination_infinite_stop":"","offset":"","td_ajax_preloading":"","td_filter_default_txt":"","td_ajax_filter_ids":"","el_class":"","color_preset":"","ajax_pagination_next_prev_swipe":"","border_top":"","css":"","tdc_css":"","tdc_css_class":"tdi_5","tdc_css_class_style":"tdi_5_rand_style"}'; block_tdi_5.td_column_number = "3"; block_tdi_5.block_type = "td_block_related_posts"; block_tdi_5.post_count = "3"; block_tdi_5.found_posts = "5726"; block_tdi_5.header_color = ""; block_tdi_5.ajax_pagination_infinite_stop = ""; block_tdi_5.max_num_pages = "1909"; tdBlocksArray.push(block_tdi_5);