Bakkt, the digital asset platform based in New York, will delist three leading cryptocurrencies – Cardano (ADA), Solana (SOL), and Polygon (MATIC), according to a recent report by Fortune.
This surprising decision follows Bakkt's $155 million acquisition of Apex Crypto, a development that significantly expanded Bakkt's altcoin offerings.
Bakkt has cited the increasingly uncertain regulatory landscape as the catalyst for this move. The company intends to gain a clearer understanding of regulatory measures for listing additional cryptocurrencies.
Recent lawsuits filed by the U.S. Securities and Exchange Commission (SEC) against prominent cryptocurrency behemoths Binance and Coinbase have evidently influenced this decision.
The SEC has leveled allegations that SOL, MATIC, and ADA — the cryptocurrencies that Bakkt is preparing to delist — are actually unregistered securities.
Notably, this is not Bakkt's first instance of delisting; the platform previously removed other significant tokens such as Aave, Avalanche, and Compound in May.
Alex DovbnyaMeanwhile, IOG and the Solana Foundation, the respective organizations behind Cardano and Solana, have rejected the SEC's claims, arguing that the blockchains are decentralized.
Seemingly unfazed by the lawsuit, Coinbase has announced that it will not delist any assets or discontinue its staking services.
The upcoming weeks and months are expected to significantly shape the future course of these digital assets and the broader cryptocurrency market.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Yuri Molchan
Gamza Khanzadaev
Dan Burgin
Vladislav Sopov