Crypto platform Bakkt drops Cardano, Polygon, Solana as SEC scrutiny intensifies

Bakkt is the newest U.S.-based crypto platform to delist Cardano, Polygon, and Solana due to the latest regulatory uncertainty surrounding these property, Fortune reported on June 16.

Bakkt’s common counsel and secretary Marc D’Annunzio reportedly stated:

“[Bakkt is taking this measure] till there’s additional readability on tips on how to compliantly supply a extra intensive record of cash.”

The U.S. Securities and Alternate Fee (SEC) had labeled the delisted property as safety in its lawsuit towards Binance and Coinbase. The monetary regulator alleged that the crypto exchanges violated federal securities legislation and facilitated the trades of unregistered securities tokens.

In the meantime, the groups behind these digital property have vehemently rejected this SEC classification.

Bakkt beforehand delisted digital property

Bakt delisted 25 digital property in a single swoop in Might, together with Filecoin, Avalanche, Uniswap, Chainlink, Cosmos, Stellar, and Web Laptop. On the time, an organization consultant attributed the agency’s determination to the regulatory modifications occurring within the crypto house.

Earlier than that, Bakkt had delisted Algorand and Decentraland in April following an SEC lawsuit towards Bittrex.

In the meantime, Bakkt helps eight cryptocurrencies, together with Bitcoin, Ethereum, Dogecoin, Litecoin, USDC, and Shiba Inu.

Regulatory uncertainty pushing exchanges to behave

SEC’s latest regulatory onslaught has pressured a number of U.S.-based crypto companies to reassess their crypto itemizing.

Over the last seven days, at the least two crypto buying and selling companies have introduced their determination to finish assist for some digital property the SEC had labeled as securities. On June 9, Robinhood stated its platform would finish assist for ADA, SOL, and MATIC by June 27.

Three days later, one other buying and selling platform eToro ended its U.S. prospects’ entry to 4 cryptocurrencies, together with DASH, MANA, ALGO, and MATIC.