/cdn.vox-cdn.com/uploads/chorus_asset/file/23962442/acastro_STK067__03.jpg)
/cdn.vox-cdn.com/uploads/chorus_asset/file/24247717/lp_logo_3.0.jpg){kind=logo}
/cdn.vox-cdn.com/uploads/chorus_asset/file/24016885/STK093_Google_04.jpg)
/cdn.vox-cdn.com/uploads/chorus_asset/file/24808816/Starfield__The_Settled_Systems___Supra_Et_Ultra_____Starfield__The_Settled_Systems___Su)
[ad_1]
New York-based derivatives exchange Bakkt is delisting three popular altcoins due to recent regulatory developments in the United States. According As Fortune reports, trading on Solana (SOL), Polygon (MATIC) and Cardano (ADA) has been suspended.
The decision follows last week’s lawsuits brought by the Securities and Exchange Commission (SEC) against crypto exchanges Binance and Coinbase. In the complaint, the regulator labeled more than 20 digital assets as securities, including SOL, MATIC and ADA. The total number of cryptocurrencies that are viewed as a “security” by the US regulator has now reached an estimated 68.
Mark D’Annunzio, general counsel and secretary at Bakkt, told Fortune that the company was implementing the changes until there is more clarity on how to offer a more comprehensive catalog of coins.
The SEC’s enforcement actions have contributed to regulatory uncertainty, which has led other trading platforms to delist token pairs in the past. Earlier this week, eToro halted purchases of Algorand (ALGO), Decentraland (MANA), MATIC and Dash (DASH) for US customers, just days after its competitor Robinhood added support for SOL, MATIC and ADA. terminated.
RELATED: Crypto Fund Outflows Reach $417M in 8 Weeks as Investors Exercise Caution
Among the major impacts on the crypto space, altcoins strengthen liquidity for tokens already suffering from market downturns. Together, MATIC, ADA and SOL lost nearly $10 billion in market capitalization, according to CoinMarketCap data.
The market capitalization of SOL declined from $8.78 billion to $5.85 billion on June 4. ADA’s market capitalization declined from $13.31 billion to $9 billion during the same period, while Matic’s market capitalization declined from $8.37 billion to $5.32 billion.
Bakkt’s delisting follows the acquisition of blockchain technology platform Apex Crypto in April for $55 million in cash and stock. Following the acquisition, Bakkt also instigated an overhaul of token pairs trading on the platform, dropping 25 of the 36 listed crypto tokens.
The Magazine: Crypto Regulation – Does SEC Chairman Gary Gensler Have the Final Say?
