Bakkt Bids Adieu to Solana, Polygon, and Cardano Amid Regulatory Whirlwinds

New York-based digital assets trading platform Bally has taken a step back, delisting Solana, Polygon, and Cardano, according to the report by James Hunt for The Block, citing an article published in Fortune. The reason? A cloud of regulatory uncertainty that’s casting long shadows over the crypto stage.

Marc D’Annunzio, the company’s general counsel and secretary, likened the move to a strategic intermission, a pause “until there is further clarity on how to compliantly offer a more extensive list of coins.”

This decision comes hot on the heels of recent lawsuits filed by the U.S. Securities and Exchange Commission (SEC) against crypto exchanges Binance and Coinbase. The SEC, acting as the stern choreographer, alleged that these platforms were offering unregistered securities to their customers. Among the tokens alleged to be securities, mentioned in the SEC’s complaint, where Cardano (ADA), Solana (SOL), and Polygon (MATIC).

Interestingly, as the Coinbase CEO told Axios earlier this month, Coinbase has no plans to delist any of the tokens that the SEC is unhappy about.

Brian Armstrong said:

“We’re going to continue to operate business as usual, and those assets are going to continue to trade until the court makes a determination.”

The SEC’s actions have set off a domino effect, prompting other crypto platforms to reassess their token listings. Robinhood, the fintech app, announced it would end support for the same trio on June 27. eToro, the social trading platform, followed suit, announcing it would delist Polygon, Decentraland, Dash, and Algorand on its U.S. platform from July 12.

Bakkt, having previously delisted Algorand and Decentraland in April, continues to support eight other cryptocurrencies, including Bitcoin, Ether, Dogecoin, Litecoin, USDC, and Shiba Inu.

Featured Image Credit: Photo / illustration by “Traxer” via Unsplash

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