Bakkt follows Robinhood, eToro in delisting major altcoins: Report

New York-based derivatives exchange Bakkt is delisting three popular altcoins due to current regulatory developments in the United States. According to a Fortune report, trading of Solana (SOL), Polygon (MATIC), and Cardano (ADA) has been suspended.The decision follows recentlys lawsuits brought by the Securities and Exchange Commission (SEC) versus crypto exchanges Binance and Coinbase. In the complaints, the regulator labeled over 20 digital properties as securities, including SOL, MATIC, and ADA. The overall number of cryptocurrencies the U.S. regulator views as a “security” has actually now reached an estimated 68. Marc DAnnunzio, Bakkts basic counsel and secretary, informed Fortune the business was executing changes “till there is further clarity on how to compliantly use a more comprehensive list of coins.”The SECs enforcement actions have contributed to regulatory uncertainty, leading other trading platforms to delist token pairs in the previous days. Previously this week, eToro stopped purchases of Algorand (ALGO), Decentraland (MANA), MATIC and Dash (DASH) for U.S. customers, simply a couple of days after its rival Robinhood ended assistance for SOL, MATIC, and ADA. Related: Crypto fund outflows reach $417M over 8 weeks as investor care persistsAmong the major effects on the crypto space, the delisting of altcoins tightens up liquidity for tokens already struggling with the market downturn. Together, MATIC, ADA, and SOL lost nearly $10 billion in market capitalization, according to information from CoinMarketCap. SOLs market capitalization dropped from $8.78 billion on June 4 to $5.85 billion at the time of composing; ADAs market cap dipped from $13.31 billion to $9 billion, while MATICs market cap decreased from $8.37 billion to $5.32 billion in the exact same period.SOLs market capitalization over the past 30 days. Source: CoinMarketCapBakkts delisting follows its acquisition of blockchain innovation platform Apex Crypto in April for $55 million in money and stock. After the acquisition, Bakkt also promoted an overhaul of token sets trading on the platform, dropping 25 of the 36 listed crypto tokens. Publication: Crypto regulation– Does SEC Chair Gary Gensler have the final say?