Robinhood To Delist 3 Top Crypto Assets Following SEC Lawsuits
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Dan Gallagher, the Chief Legal Officer of Robinhood, made an appearance on Tuesday before the House Agriculture Committee. During his testimony, Gallagher didn’t shy away from addressing the elephant in the room—the ongoing lawsuits against cryptocurrency giants Binance and Coinbase. He confidently revealed that Robinhood’s legal team is actively reviewing tokens that the Securities and Exchange Commission (SEC) has deemed securities.
Robinhood to Delist Solana, Cardano, and Polygon in Late June
The Securities and Exchange Commission has been busy lately, and not in a good way. The regulatory watchdog recently dropped the hammer on Binance and Coinbase, two major players in the crypto universe, accusing them of hosting unregistered securities.
As such, Solana’s SOL, Cardano’s ADA, and Polygon’s MATIC will no longer have a home on Robinhood’s platform starting June 27. Users will still have a few weeks to buy and sell these tokens before the delisting takes effect. After June ends, any remaining SOL, ADA, or MATIC in the wallets of users will be automatically sold at market value.
Robinhood has chosen to play it safe and bid farewell to these assets. It’s a calculated move aimed at navigating the treacherous seas of regulatory compliance.
Despite Robinhood’s announcement, the prices of SOL, MATIC, and ADA didn’t experience any significant jolts. However, since the SEC singled out these tokens earlier in the week, their values have taken a nosedive.
SOL saw a drop of approximately 12% from Monday to Thursday afternoon. MATIC also stumbled, with a 12% decline. And ADA took a more modest hit, losing 5%.
These three tokens rank among the top 10 in total market capitalization among all cryptocurrencies, according to CoinMarketCap. So, it’s safe to say that the crypto world is feeling the impact of these lawsuits.
Cryptocurrency Community on Alert as Future Remains Uncertain
As the SEC’s lawsuits continue to cast a shadow over the classification of cryptocurrencies, the delisting of SOL, ADA, and MATIC by Robinhood serves as a sobering reminder of the challenges faced by digital assets. The future of these tokens hangs in the balance, and the crypto community is on high alert.
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