The scene is abuzz as Bakkt, the renowned New York-based crypto exchange, announces the delisting of Solana, Cardano and Polygon from its list of available assets. This decision comes in the wake of recent SEC complaints that these three tokens are securities. Bakkt thus follows in the footsteps of other platforms that have opted to comply with regulatory requirements while awaiting a clearer clarification of crypto-asset regulation in the United States.
Bakkt followed Robinhood!
The General Counsel of Bakkt, a subsidiary of Intercontinental Exchange, confirmed the decision, highlighting the need for clarity on how to offer digital assets in the country. Indeed, the SEC has recently filed lawsuits against major industry players such as Binance and Coinbase, accusing them of securities law violations. Among the cryptocurrencies cited in the complaints are Solana, Cardano and Polygon, which the respective projects categorically refuse to consider as securities.
Bakkt’s decision echoes that of other major crypto trading platforms, such as eToro and Robinhood, which have also chosen to withdraw tokens qualified as securities by the regulator.
Faced with this climate of uncertainty, Bakkt CEO Gavin Michael spoke out in an interview, saying, “It’s easy to tell me where I can’t go, but you have to tell me how to operate.”
It’s worth recalling that Bakkt recently acquired Apex Crypto, a turnkey platform for crypto investment products. Last month, the company had already announced the withdrawal of 25 tokens from its exchange due to the tightening of rules governing the US market.
As a result, Bakkt now offers only 8 assets to its users, including Bitcoin, Ethereum, USD Coin and Litecoin. This decision marks a turning point in the crypto exchange landscape, as US regulators continue to clarify their position on the regulation of tokens and digital assets.