Bakkt, a derivatives exchange based in New York, has made the decision to delist three popular altcoins from its platform due to recent regulatory developments in the United States. A report from Fortune states that the trading of Solana (SOL), Polygon (MATIC), and Cardano (ADA) has been suspended on the exchange.
This move comes in the wake of lawsuits filed by the United States Securities and Exchange Commission (SEC) against two prominent cryptocurrency exchanges, Binance and Coinbase, just last week. In these legal complaints, the regulatory body classified more than 20 digital assets, including SOL, MATIC, and ADA, as securities. With this latest action, the SEC now considers approximately 68 cryptocurrencies as securities.
Marc D’Annunzio, the general counsel and secretary at Bakkt, explained to Fortune that the company is implementing these changes as it awaits further clarity on how to compliantly offer a more extensive list of coins to its users.
The enforcement actions taken by the SEC have created an atmosphere of regulatory uncertainty, resulting in several other trading platforms also choosing to delist certain token pairs in recent days.