Shock developments are coming one after another in the crypto money world. The latest development is about 3 altcoins. There is delist news from a giant stock market. Let’s look at the details.
Delist decision for 3 altcoins from Bakkt
Those who follow the crypto money world closely know the developments in the past weeks. As we may recall, the SEC has sued two cryptocurrency exchanges in the past weeks. According to this cryptocoin.com As we mentioned, these exchanges were Binance and Coinbase. This news created a shock effect in the crypto money world. Now, a new development seems to have created a shock effect again. This shock effect came from the cryptocurrency platform Bakkt this time. Bakkt announced in a statement that it has delisted Solana, Cardano and Polygon.
Bakkt’s move has a lot to do with the SEC’s approach. As it will be remembered, the SEC emphasized that they are securities for some altcoin groups. These digital assets included the leading altcoins. Cardano (ADA), Solana (SOL), Filecoin (FIL), and Polygon (MATIC) were on this list. Robinhood stepped in after popular altcoins were included in this list. Accordingly, Robinhood announced that it had delisted ADA, SOL and MATIC. It is noteworthy that Bakkt’s move came right after Robinhood.
Regulatory concerns
There is of course a reason why Bakkt delisted the three largest cryptocurrencies by market cap, Solana, Cardano and Polygon. Frankly, no one wants to come face to face with the SEC. Because, of course, there is a price to come face to face with the regulatory body. In fact, Bakkt’s delist rationale is in the form of an indefinite audit. When the SEC emphasizes securities for these 3 altcoins, it becomes clear whether Bakkt’s approach will be valid. It looks like Bakkt has found a justification of its own. Bakkt currently offers eight token services after the cryptocurrencies it recently delisted.
It should be noted that Bakkt delisted 25 out of 36 altcoins, especially in May this year. On the other hand, 3 more tokens have now been added to it. Of course, the justification for compliance with the legal legislation is important. However, such delist news will of course have a reflection on the crypto money market. There has already been a bearish wave for the cryptocurrencies involved. Now, these new developments are likely to bring the price down further. This is, of course, a cause for concern. On the other hand, the leading names of the sector are also looking at the possibility of legal clarity. Accordingly, such moves will further pave the way for the crypto money market.
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