Solana (SOL), cardano (ADA) and polygon (MATIC) are each down more than 20% in value today following the indictment of the Securities and Exchange Commission (SEC) in return for Coinbase and Binance.
Robinhood removes cryptocurrencies
The prices of the cryptocurrencies seem to be receiving blow after blow. When the SEC the two crypto exchanges Binance and Coinbase sued, the price already fell sharply. The SEC designated the three tokens, along with dozens of others, as securities. A platform is not allowed to sell securities in the US without the proper permits. Because of trading in the cryptocurrencies, the exchanges would therefore be in violation.
This brought a lot of uncertainty about the position of other exchanges. The SEC is quite aggressive in its claims and labeled the crypto market as “full of touts, scammers and ponzi schemes.” Instead of diplomatically resolving the problems in the market, the SEC directly sues the exchange if they decide it believes it is breaking the law. This instills slight, say major, fear for the exchanges that trade in the tokens labeled as securities but have not yet been sued.
To avoid the risk, the exchange robinhood the tokens Solana (SOL), cardano (ADA) and polygon (MATIC) have been withdrawn from trading. On June 9 informed the exchange no longer support the three tokens. traders have until June 27 to collect their tokens from the platform. When the deadline has passed, all ADA, MATIC, and SOL that are still in their wallet has been sold for market value. The proceeds of this can be kept by the traders.
Course sinks through the ground
Robinhood’s announcement sent the prices of the three tokens into the deep red. According to coinmarketcap Cardano takes the biggest hit. The coin is down 37.7% in the past seven days. Polygon follows closely behind, with a drop of 37%. Solana takes the ‘lightest’ hit and is down 32% in value.
Robinhood indicated that the deletion of the three tokens would not affect the rest. However, this news fell on deaf ears. BNB and dogecoin (DOGE) have each fallen more than 10% in value in the past 24 hours. XRP decreased by 7%. Market leaders Bitcoin (BTC) and Ethereum (ETH) are down 4.3% and 6.2% respectively in the last 24 hours.