The United Kingdom-based financial technology giant, Revolut, has disclosed it’s set to delist three popular cryptocurrencies for its U.S. users, Cardano ($ADA), Polygon ($MATIC), and Solana ($SOL) through an email sent to its users.
The move will mean that U.S. users of the popular fintech platform will find themselves unable to buy these cryptocurrencies, while at a later date, Revolut is set to automatically sell these tokens and credit the proceeds to the respective user accounts. The option to sell these tokens is set to be removed at an undetermined future date.
It is noteworthy that this discontinuation has a relatively limited scope within Revolut’s extensive portfolio, which boasts support for over 100 tokens, as per information available on the company’s website.
The move only affects users in the United States and comes in the wake of a series of high-profile cases involving the U.S. Securities and Exchange Commission (SEC) suing leading cryptocurrency exchanges Binance and Coinbase. In these lawsuits, the regulator pointed to $ADA, $MATIC, and $SOL as being securities listed on the exchanges.
Following the SEC lawsuits against Binance and Coinbase, there has been a series of delistings of certain cryptocurrencies from various platforms. . New York-based digital assets trading platform Bakkt has delisted Solana, Polygon, and Cardano due to regulatory uncertainty.
Similarly, the popular commission-free trading platform Robinhood is rethinking its support for multiple cryptocurrencies, according to the firm’s Chief Legal Officer Dan Gallagher, in light of the SEC’s crackdown on crypto exchanges.
In total, the SEC has over a series of actions deemed over 60 digital assets to be securities, including Polygon, Cosmos ($ATOM), Axie Infinity’s $AXS, and $NEXO.
Notably, in an appearance on live television, SEC Chair Gary Gensler has unequivocally stated that he believes there is no need for additional digital currencies as “digital currency already exists in forms such as the U.S. dollar, the euro, and the yen.”
Gensler explained that the lawsuits against Coinbase and Binance took a long time to prepare, because of the research required. The Chair of the SEC has also said the regulator has tried to talk to the platform to bring them into compliance.
It’s worth noting that Coinbase sued the SEC for clear cryptocurrency regulation. The SEC has tried to dismiss that lawsuit, indicating that establishing such rules could take years.
