Crypto platform Bakkt drops Cardano, Polygon and Solana as SEC scrutiny intensifies

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Bakkt is the latest U.S.-based crypto platform to pull Cardano, Polygon, and Solana due to recent regulatory uncertainty surrounding these assets, Fortune reported on June 16.

Bakkts General Counsel and Secretary Marc DAnnunzio reportedly said:

[Bakkt is taking this measure] until there is more clarity on how to compliantly offer a more comprehensive list of parts.

The U.S. Securities and Exchange Commission (SEC) had labeled the delisted assets as collateral in its lawsuit against Binance and Coinbase. The financial regulator alleged that crypto exchanges violated federal securities law and facilitated transactions of unregistered securities tokens.

Meanwhile, the teams behind these digital assets have vehemently rejected this SEC classification.

Bakkt previously removed digital assets from the list

Bakt retired 25 digital assets in one fell swoop in May, including Filecoin, Avalanche, Uniswap, Chainlink, Cosmos, Stellar, and Internet Computer. At the time, a company representative attributed the company’s decision to regulatory changes in the crypto space.

Prior to that, Bakkt delisted Algorand and Decentraland in April following an SEC lawsuit against Bittrex.

Meanwhile, Bakkt supports eight cryptocurrencies including Bitcoin, Ethereum, Dogecoin, Litecoin, USDC, and Shiba Inu.

Regulatory uncertainty pushes stock exchanges to act

The recent SEC regulatory attack has forced several US-based crypto companies to re-evaluate their crypto listings.

Over the past seven days, at least two crypto trading companies have announced their decision to end support for certain digital assets that the SEC has labeled securities. On June 9, Robinhood said its platform would end support for ADA, SOL, and MATIC by June 27.

Three days later, another trading platform, eToro, terminated its US customers’ access to four cryptocurrencies, including DASH, MANA, ALGO and MATIC.

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