Bakkt Takes Proactive Measures, Delists Polygon, Solana, and Cardano Amid Regulatory Crackdowns

According to a Fortune report published on June 16, the cryptocurrency asset platform Bakkt is delisting three cryptocurrencies due to the current regulatory climate. Bakkt’s general counsel stated that the platform will expand its coin offering once there is “further clarity.”

Bakkt Reacts to Regulatory Pressure, Delists Solana, Polygon, and Cardano

Bakkt, the New York-based digital asset platform, revealed Friday that it is delisting solana (SOL), polygon (MATIC), and cardano (ADA). The move comes as the U.S. Securities and Exchange Commission (SEC) intensifies its scrutiny of cryptocurrency platforms and designates certain assets as unregistered securities.

The announcement of Bakkt’s delisting of SOL, MATIC, and ADA was made by the company’s general counsel and secretary, Marc D’Annunzio, in an interview with Fortune. D’Annunzio stated that the proactive removal would continue “until there is further clarity on how to compliantly offer a more extensive list of coins.”

Prior to Bakkt’s decision, the digital trading platform Robinhood has chosen to delist cardano (ADA), solana (SOL), and polygon (MATIC). Similarly, Tel Aviv-based Etoro has announced the delisting of ALGO, MANA, DASH, and MATIC for U.S. customers, citing the same reasons. Both Robinhood and Etoro said the firms are implementing proactive measures until regulatory clarity is established in the United States.

All the tokens that were previously listed on Bakkt, Robinhood, and Etoro and subsequently delisted have been classified as unregistered securities by the U.S. SEC. The SEC’s enforcement lawsuits also identify XRP, TON, OMG, POWR, BTT, KIN, TRX, MIR, EMAX, ALGO, and IHT, among others, as securities.

Are the recent delistings by Bakkt, Robinhood, and Etoro a necessary step towards regulatory compliance, or do they hinder innovation in the cryptocurrency space? Share your thoughts and opinions about this subject in the comments section below.