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US-based trading firm Robinhood announced delisting after the Securities and Exchange Commission (SEC) labeled Solana (SOL), Cardano (ADA), and Polygon (MATIC) as securities in a suit against the two crypto heavyweights .
The company, which recently ventured into cryptocurrencies, said that the SEC’s lawsuit has created a cloud of uncertainty around these assets, and as a result, its team has decided to end support for them.
SEC pressure intensifies
Robinhood has decided to end support for the three tokens on June 27th, 2023 at 6:59PM ET. ADA, MATIC and SOL remaining in the user’s Robinhood crypto account after the deadline will be sold at market value.
On the other hand, the proceeds will be credited to their Robinhood purchasing power. The brokerage firm also confirmed that no other coins were affected. official statement Reading,
“You can continue to buy, sell and hold ADA, MATIC and SOL until the deadline. You will be able to transfer ADA, MATIC and SOL until June 27, 2023. (If you live in Hawaii or Nevada, you Can’t buy ADA, MATIC and SOL. If you live in New York, you can’t transfer ADA, MATIC and SOL.)”
The development teams behind three projects – Polyone, Solana and Cardano – have rejected the SEC’s claim. Meanwhile, Robinhood’s decision comes amid SEC crackdown on Binance and Coinbase, which were accused by the agency of operating illegal exchanges.
Inefficiencies within the SEC
Earlier this week, Robinhood chief legal officer Dan Gallagher said the company was “actively reviewing” the agency’s analysis. Whereas testimony Appearing before the House Agriculture Committee on Tuesday, Gallagher, who previously served as a commissioner at the SEC, said that Robinhood tried to register with the agency as a special-purpose broker for digital assets and was denied 16 Went through a process of months.
However, by March, SEC staff told Robinhood that the process was over and that they would “not see any fruits of that effort.”
Gallagher’s testimony echoes a complaint from Coinbase’s chief legal officer, Paul Grewal, that the crypto exchange failed to secure a registration despite months of discussions. He blamed the SEC for rejecting the platform’s efforts without a response or a counter-offer.
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PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
[ad_1]
US-based trading firm Robinhood announced delisting after the Securities and Exchange Commission (SEC) labeled Solana (SOL), Cardano (ADA), and Polygon (MATIC) as securities in a suit against the two crypto heavyweights .
The company, which recently ventured into cryptocurrencies, said that the SEC’s lawsuit has created a cloud of uncertainty around these assets, and as a result, its team has decided to end support for them.
SEC pressure intensifies
Robinhood has decided to end support for the three tokens on June 27th, 2023 at 6:59PM ET. ADA, MATIC and SOL remaining in the user’s Robinhood crypto account after the deadline will be sold at market value.
On the other hand, the proceeds will be credited to their Robinhood purchasing power. The brokerage firm also confirmed that no other coins were affected. official statement Reading,
“You can continue to buy, sell and hold ADA, MATIC and SOL until the deadline. You will be able to transfer ADA, MATIC and SOL until June 27, 2023. (If you live in Hawaii or Nevada, you Can’t buy ADA, MATIC and SOL. If you live in New York, you can’t transfer ADA, MATIC and SOL.)”
The development teams behind three projects – Polyone, Solana and Cardano – have rejected the SEC’s claim. Meanwhile, Robinhood’s decision comes amid SEC crackdown on Binance and Coinbase, which were accused by the agency of operating illegal exchanges.
Inefficiencies within the SEC
Earlier this week, Robinhood chief legal officer Dan Gallagher said the company was “actively reviewing” the agency’s analysis. Whereas testimony Appearing before the House Agriculture Committee on Tuesday, Gallagher, who previously served as a commissioner at the SEC, said that Robinhood tried to register with the agency as a special-purpose broker for digital assets and was denied 16 Went through a process of months.
However, by March, SEC staff told Robinhood that the process was over and that they would “not see any fruits of that effort.”
Gallagher’s testimony echoes a complaint from Coinbase’s chief legal officer, Paul Grewal, that the crypto exchange failed to secure a registration despite months of discussions. He blamed the SEC for rejecting the platform’s efforts without a response or a counter-offer.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
