Bakkt delists billion-dollar valued cryptocurrencies Cardano, MATIC, and Solana amidst regulatory uncertainty, but Shiba Inu survives the wave.
In a recent development in the crypto industry, a prominent US-based exchange Bakkt has decided to delist some billion-dollar valued cryptocurrencies, including Cardano (ADA), Polygon (MATIC), and Solana (SOL), from its platform. However, the platform has retained support for Shiba Inu (SHIB).
Prominent Chinese blockchain reporter Colin Wu called public attention to the development in a tweet today.
The exchange Bakkt delisted ADA, MATIC, and SOL on the grounds of unclear supervision. Bakkt delisted Algorand and Decentraland tokens amid the SEC lawsuit against Bittrex, and then voluntarily delisted 25 tokens in May. Bakkt currently offers eight tokens including BTC, ETH,…
— Wu Blockchain (@WuBlockchain) June 16, 2023
In an interview, Bakkt’s general counsel and secretary, Marc D’Annunzio, explained that the company is aggressively reducing its token offerings until there is further transparency on how to offer a more extensive list of coins compliantly.
This move highlights the cautious approach taken by Bakkt amidst the evolving regulatory landscape in the United States, where regulatory bodies are redefining their definitions of securities and scrutinizing token offerings.
Recall that earlier this month, the U.S. SEC filed high-profile suits against Binance and Coinbase, as reported by The Crypto Basic. Additionally, the regulator added a trove of coins to the list of tokens it considers security. The list included ADA, MATIC, and SOL, which Bakkt has delisted.
When asked for comment on the matter, Gavin Michael, the CEO of Bakkt, expressed the need for regulatory clarity. He said:
“It’s fine to tell me where I can’t stand, but you have to tell me how to operate.”
This sentiment reflects the challenges crypto companies face in complying with regulations while striving to provide innovative and user-friendly services to their customers.
Shiba Inu Survives bakkt’s Delisting Wave
While Bakkt decided to remove ADA, MATIC, and SOL from its platform due to concerns regarding unclear supervision, the popular sensational crypto Shiba Inu (SHIB) survived the storm.
Shiba Inu has retained its place among the available cryptocurrencies the exchange offers. Additionally, SHIB remains available for trading alongside big players like Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE). Shiba Inu is one of only eight tokens currently offered by Bakkt.
This development highlights the enduring popularity and support for SHIB, even amidst the changing regulatory landscape and evolving definitions of securities by regulatory bodies.
Notably, other crypto exchanges like Robinhood have also moved to delist ADA, MATIC, and SOL, as reported by The Crypto Basic. Robinhood recently delisted these tokens but continued to support Shiba Inu.