Bakkt, a well-known cryptocurrency exchange based in the United States, has made a significant decision in the crypto industry. It has opted to remove several high-value cryptocurrencies, including Cardano (ADA), Polygon (MATIC), and Solana (SOL), from its platform. However, Bakkt has chosen to retain support for Shiba Inu (SHIB), a popular crypto asset.
This development caught the attention of Colin Wu, a prominent Chinese blockchain reporter, who highlighted it in a recent tweet.
Marc D’Annunzio, Bakkt’s general counsel, and secretary, explained in an interview that the company is proactively reducing its offering of tokens until there is more clarity on how to comply with regulations and offer a broader range of coins in a compliant manner.
Bakkt’s decision reflects a cautious approach in response to the evolving regulatory landscape in the United States, where regulatory authorities are redefining their definitions of securities and closely scrutinizing token offerings.
The US Securities and Exchange Commission (SEC) recently filed lawsuits against Binance and Coinbase, as reported by Fxcryptonews. As part of its actions, the SEC added ADA, MATIC, and SOL to its list of tokens considered securities, leading to their delisting by Bakkt.
Gavin Michael, the CEO of Bakkt, expressed the need for regulatory clarity when asked for a comment on the matter. According to his statement, he noted:
“It’s fine to tell me where I can’t stand, but you have to tell me how to operate.”
Shiba Inu Excapes Joining Delisted Coins
Interestingly, while Bakkt decided to delist ADA, MATIC, and SOL due to regulatory concerns, Shiba Inu (SHIB) managed to retain its position among the available cryptocurrencies on the exchange. SHIB continues to be traded alongside major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE). Bakkt currently supports only eight tokens, and SHIB is one of them.
Despite the evolving regulatory landscape and changing definitions of securities by regulatory bodies, this development highlights the enduring popularity and support for SHIB within the crypto community.
It’s worth mentioning that other exchanges, such as Robinhood, have also chosen to delist ADA, MATIC, and SOL, as reported by Fxcryptonews. Robinhood, however, has decided to continue supporting Shiba Inu even after delisting the aforementioned tokens.
