Crypto platform Bakkt drops Cardano, Polygon, Solana as SEC scrutiny intensifies News ▸ Bakkt ▸ Bitcoin ▸ Regulation
Crypto platform Bakkt drops Cardano, Polygon, Solana as SEC scrutiny intensifies
Bakkt now supports only 8 cryptocurrencies including Bitcoin, Ethereum, Litecoin, Shiba Inu and Dogecoin.
1 min read
Updated: Jun. 16, 2023 at 3:25 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bakkt is the latest U.S.-based crypto platform to delist Cardano, Polygon, and Solana because of the recent regulatory uncertainty surrounding these assets, Fortune reported on June 16.
Bakkt’s general counsel and secretary Marc D’Annunzio reportedly said:
“[Bakkt is taking this measure] until there is further clarity on how to compliantly offer a more extensive list of coins.”
The U.S. Securities and Exchange Commission (SEC) had labeled the delisted assets as security in its lawsuit against Binance and Coinbase. The financial regulator alleged that the crypto exchanges violated federal securities law and facilitated the trades of unregistered securities tokens.
Meanwhile, the teams behind these digital assets have vehemently rejected this SEC classification.
Bakkt previously delisted digital assets
Bakt delisted 25 digital assets in one swoop in May, including Filecoin, Avalanche, Uniswap, Chainlink, Cosmos, Stellar, and Internet Computer. At the time, a company representative attributed the firm’s decision to the regulatory changes occurring 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 pushing exchanges to act
SEC’s recent regulatory onslaught has forced several U.S.-based crypto firms to reassess their crypto listing.
During the last seven days, at least two crypto trading firms have announced their decision to end support for some digital assets the SEC had labeled 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 ended its U.S. customers’ access to four cryptocurrencies, including DASH, MANA, ALGO, and MATIC.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Solana
$253.978
Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
Polygon
$0.44459
Polygon, a prominent layer 2 scaling solution on Ethereum, has emerged as a multifaceted and scalable platform, enhancing the Ethereum ecosystem’s capabilities.
Cardano
$0.79032
Cardano is a decentralized public blockchain and cryptocurrency project and is fully open source.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
eToro
eToro is a multi-asset platform which offers both investing in stocks and digital assets, as well as trading CFDs.
Bakkt
Bakkt is a new company of NYSE-operator InterContinental Exchange (ICE) designed to bring digital assets to the mainstream and help unlock the potential of this important technology.
Bittrex
Founded in 2014 by three cybersecurity engineers, Bittrex is a global leader in the blockchain revolution.