New York-based derivatives exchange Bakkt is delisting three popular altcoins due to recent regulatory changes in the United States. According to According to a Fortune report, the Solana deal has been suspended (SUN), Polygon (MATIC) and Cardano (ADA).
The decision follows lawsuits filed last week by the Securities and Exchange Commission (SEC) against cryptocurrency exchanges Binance and Coinbase. In the lawsuits, the regulator rated more than 20 digital assets, including SOL, MATIC and ADA, as securities. The total number of cryptocurrencies that the US regulator considers “securities” now amounts to about 68.
Marc D’Annunzio, Bakkt’s general counsel and secretary, told Fortune that the company was making changes “until there is more clarity on how to compliantly offer a broader list of coins.”
SEC enforcement actions have contributed to regulatory uncertainty, leading other trading platforms to delist token pairs in recent days. Earlier this week, eToro stopped buying Algorand (SOMETHING), Decentraland (MANNA), MATIC and Dash (DASH) for US customers, just days after its competitor Robinhood ended support for SOL, MATIC and ADA.
Among the major impacts on the cryptocurrency space, the delisting of altcoins reduces the liquidity of tokens already suffering from the market crash. Combined, MATIC, ADA, and SOL lost nearly $10 billion in market capitalization, according to data from CoinMarketCap.
SOL’s market capitalization fell from $8.78 billion on June 4 to $5.85 billion at the time of writing; ADA’s market capitalization decreased from USD 13.31 billion to USD 9.0 billion, while MATIC’s market capitalization decreased from USD 8.37 billion to USD 5.32 billion in the same period.
Bakkt’s delisting follows its acquisition of blockchain technology platform Apex Crypto in April for $55 million in cash and stock. Following the acquisition, Bakkt also promoted a review of token pair trading on the platform, removing 25 of the 36 listed cryptocurrency tokens.
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