Regulatory Uncertainty: Bakkt Delists Solana, Polygon and Cardano

It has been revealed the fact that amidst the massive regulatory uncertainty, the crypto exchange Bakkt has decided to delist Solana, Polygon, and Cardano. Check out the latest reports about this below.

Regulatory uncertainty intensifies

Baakt, the digital assets platform based in New York, has announced the delisting of Solana, Polygon, and Cardano due to regulatory uncertainty.

According to Marc D’Annunzio, the company’s general counsel and secretary, this decision has been taken until further clarity is obtained on how to legally offer a wider range of coins.

This move comes in the wake of recent lawsuits filed by the U.S. Securities and Exchange Commission (SEC) against major crypto exchanges Binance and Coinbase.

The SEC has alleged that these exchanges were offering unregistered securities – including Solana, Polygon, and Cardano – to their customers.

Solana Foundation denies SOL is a security

The Switzerland-based Solana (SOL) developer is objecting to the U.S. Securities and Exchange Commission’s (SEC) allegation that the 11th-largest crypto asset by market cap is a security.

The Solana Foundation made sure to highlight the fact that it disputes the claims made by the SEC in a lawsuit filed against crypto exchange Binance last week.

“The Solana Foundation disagrees with the characterization of SOL as a security. We welcome the continued engagement of policymakers as constructive partners on regulation to achieve legal clarity on these issues for the thousands of entrepreneurs across the US building in the digital assets space.”

It is also important to note the fact that the foundation is not the only developer reacting to the SEC’s latest offensive on the crypto space.

As the online publication the Daily Hodl notes, Polygon Labs, the developer of the blockchain-scaling solution Polygon (MATIC), appears to be distancing itself from the US market after the SEC included the altcoin in its list of crypto asset securities.