Bakkt Delisting Cardano, Polygon, And Solana Due To Regulatory Uncertainty

JAKARTA - Bakkt, the latest US-based crypto exchange platform, has removed Cardano, Polygon, and Solana from its list. This action was taken following the uncertainty of the latest regulations surrounding these assets, Fortune reported on June 16.

Marc D'Annunzio, General Advisor and Secretary of Bakkt, revealed the reasons behind this decision, saying, "[Bakkt took this action] until there is further clarity on how to offer a wider list of coins."

The US Securities and Exchange Commission (SEC) has classified the assets removed as securities in its lawsuit against Binance and Coinbase. Financial regulators allege that these crypto exchanges violate federal securities law and facilitate unregistered securities token trading. Meanwhile, the team behind this digital asset firmly rejects this SEC classification.

This isn't the first time Bakkt has removed digital assets. In May, they removed 25 digital assets at once, including Filecoin, Avalanche, Uniswap, Chainlink, Cosmos, Stellar, and Internet Computer. This decision is linked to changes in regulations that occur in the crypto industry.

Previously, in April, Bakkt also removed Algorand and Decentraland in response to the SEC's lawsuit against Bittrex. Even so, Bakkt still supports eight other cryptocurrencies, including Bitcoin, Ethereum, Dogecoin, Litecoin, USDC, and Shiba Inu.

This regulatory uncertainty has prompted crypto exchanges to take action. Several US-based crypto companies have revisited their coin lists in response to recent regulatory attacks by the SEC.

In the past seven days, at least two crypto trading companies have announced their decision to discontinue support for some of the digital assets classified as securities by the SEC. On June 9, Robinhood announced that it would discontinue support for ADA, SOL, and MATIC starting June 27.

Three days later, the eToro trading platform also halted access to US customers to four cryptocurrencies, including DASH, MANA, ALGO, and MATIC.

This situation shows how regulatory uncertainty can impact the crypto industry and encourages companies to take action in accordance with applicable regulations.