Robinhood Delisted Solana, Polygon and Cardano

It seems that the crypto exchange Robinhood just delisted Solana, Polygon, and Cardano. Check out the latest reports about this below.

Accoridng to the latest reports, the important crypto exchange Robinhood is reportedly delisting a handful of prominent crypto assets in response to the U.S. Securities and Exchange Commission (SEC) suing Binance and Coinbase for allegedly violating securities laws.

A new report by Bloomberg stated the fact that Robinhood’s chief legal officer, Dan Gallagher, told members of Congress that the firm is delisting smart contract platforms Solana (SOL), Cardano (ADA), and Polygon (MATIC) after the SEC cracked down on the digital asset industry earlier this week.

More than that, it’s also important to note that Gallagher told the House Agriculture Committee that Robinhood will also be reviewing its crypto options moving forward.

Gallagher, who himself is a former commissioner of the regulatory agency, says that Robinhood is “actively reviewing” the SEC’s complaints “to determine what, if any, actions to take.”

As noted by the online pubcalition the Daily Hodl, earlier this week, the SEC filed lawsuits against both Binance and Coinbase. As you know, these are the two biggest crypto exchange platforms in the world, for allegedly violating securities laws.

According to recent data from Cathie Wood’s ARK Invest, the hedge fund made three purchases of Coinbase (COIN) stock on June 6th, amounting to a total of 419,000 shares worth over $21 million. This move comes after the recent SEC lawsuit against Coinbase caused a drop in share prices.

The SEC first filed a lawsuit against Coinbase earlier this week, alleging that the products it offers were all “crypto asset securities” that fell under the jurisdiction of securities laws.

According to the regulatory agency, Coinbase is being sued for allegedly “operating as an unregistered securities exchange, broker, and clearing agency” and “failing to register the offer and sale of its crypto asset staking-as-a-service program.”