New York-based derivatives exchange Bakkt is delisting three popular altcoins due to recent regulatory developments in the United States. According to The Wealth Report, Solana's deal, Polygon and Cardano have been suspended.
The decision comes after the SEC filed a lawsuit against cryptocurrency exchanges Binance and Coinbase last week. In the complaint, the regulator labeled more than 20 digital assets as securities, including SOL, MATIC, and ADA. The total number of cryptocurrencies concatenated sided “securities” by US regulators has now reached about 68.
Marc D'Annunzio, Bakkt's general counsel and secretary, told Fortune that the company is implementing changes "until there is further clarity on how to provide a broader list of tokens in compliance." The SEC's enforcement action has fueled regulatory uncertainty, lead ing other exchanges to delist token pairs over the past few days. Earlier this week, eToro stopped buying Algorand, Decentraland , MATIC and Dash For US customers, it comes just days after rival Robinhood ended support for SOL, MATIC and ADA.
In a major impact on the cryptocurrency space, the delisting of altcoins has tightened liquidity for tokens already suffering from the market downturn. Combined, MATIC, ADA, and SOL lost nearly $10 billion in market capitalization, according to CoinMarketCap. SOL's market c ap dropped from $8.78 billion on June 4 to $5.85 billion at the time of writing; ADA's market cap fell from $13.31 billion to $9 billion, while MATIC's market cap fell from $8.37 billion to $5.32 billion over the same period.
Bakkt's delisting follows the April acquisition of blockchain technology platform Apex Crypto for $55 million in cash and stock. Following the acquisition, Bakkt also pushed for an overhaul of token-pair trading on the platform, ditching 25 of the 36 listed crypto tokens .
