Amid regulatory changes in the cryptocurrency landscape in the United States, digital banking service Revolut has announced the removal of Cardano’s ADA, Polygon’s MATIC, and Solana’s SOL tokens from its U.S. platform. This decision came after its U.S. crypto services provider, Bakkt, also decided to delist these tokens.
Revolut informed its customers that it could no longer support buy and sell orders for these tokens due to the evolving regulations. The changes were implemented immediately, and the custodial support for these tokens will be completely terminated by September 18. However, Revolut clarified that the tokens will continue to be available on other markets where they are still listed.
Bakkt justified its delisting action as a precautionary measure until there is more clarity on how to offer a broader range of compliant coins. Similarly, Robinhood discontinued support for the same tokens, citing regulatory uncertainty surrounding them and officially terminating their support on June 27. This move followed the U.S. Securities and Exchange Commission’s (SEC) lawsuits against Binance and Coinbase.
The SEC argues that ADA, MATIC, and SOL tokens fall under the definition of securities, pointing to factors like the marketed burning of SOL and Polygon’s marketing strategy that may have misled investors into expecting profits.
Furthermore, eToro also decided to remove support for MATIC, Dash, Algorand, and Decentraland – three more tokens identified in the SEC’s lawsuits. This discontinuation of support will take effect from July 12. The company expressed its commitment to collaborate with global regulators in shaping the future of the crypto industry.
Coinbase responded comprehensively to the SEC’s claims, asserting that the SEC cannot unilaterally assert control while attempting to regulate digital assets. Coinbase suggested that regulatory decisions concerning the industry should be the responsibility of Congress.