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.As reported by U.Today, Robinhood, a widely used trading platform, has also discontinued support for ADA, SOL, and MATIC. This came right after the SEC's lawsuits against the two flagship crypto exchanges.
Meanwhile, 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.