You are currently being thrown to death with it: the charges from the American Securities and Exchange Commission (SEC) v Binance and Coinbase. The regulator is taking both to court for, among other things, violating federal securities laws. Part of this is the claim that many altcoins can be categorized as securities, which in the United States implies that a license is required to make them available. The staking services of both crypto powerhouses are also considered an effect.
Coinbase has already announced that it has no plans to withdraw tokens from the platform or end its staking service. Robinhood, one of the most popular platforms in the United States for trading crypto, has since surrendered to the SEC’s claim.
Cardano, polygon and solana no longer available
On June 9 announced the popular investment platform has announced that it will end support for cardano (ADA), solana (SOL), and polygon (MATIC). In fact, users have until June 27 to trade and/or send these popular cryptocurrencies to external wallets. Since the end of April it has been made possible to transfer cryptocurrencies from the platform to self custody move wallets
After this hard deadline, the coins left on a user’s account will also be automatically sold for market value.
Robinhood also emphasizes that all other cryptocurrencies, including bitcoin (BTC), ethereum (ETH), litecoin (LTC), dogecoin (DOGE), and shiba inu (SHIB), are in no way affected by this decision.
Can these altcoins be considered securities?
With the SEC’s claim, the debate over qualifying cryptocurrencies as securities has been pushed to the next level. The organizations behind Cardano and Solana, the Cardano Foundation and the Solana Foundation respectively, have already responded by stating that they believe that their coins are not securities.
With the final piece of the Ripple lawsuit approaching, it now seems to carry more value than ever before.