The popular trading app will no longer support trading of Cardano, Solana and Polygon after Tuesday.
Cryptocurrencies Cardano (ADA) and Solana (SOL) fell more than the entire broader cryptocurrency market on Tuesday, shortly before trading app Robinhood planned to delist them at 6:59 pm ET.
On June 9, Robinhood announced that it would stop supporting ADA, SOL, and MATIC as of June 27.
The decision comes on the heels of the three tokens being named as securities in Securities and Exchange Commission (SEC) lawsuits against Binance and Coinbase.
Over the past 24 hours, ADA and SOL are down about 2.3% and 1.8%, respectively, according to CoinDesk data, while the broader CoinDesk Market Index (CMI) is up 0.6% over the same time period. Polygon (MATIC), the cryptocurrency that powers the Polygon network, remained unchanged. Since Robinhood announced it would discontinue support for the three tokens on June 9, prices for these crypto assets have declined by more than 5%, while CMI has risen by about 9% over the same period.
After Tuesday, Robinhood app users will be able to trade 15 different cryptocurrencies, including Bitcoin (BTC), Ether (ETH), (DOGE) and (AVAX), none of which were named as securities in the SEC filings.
What is your opinion on the situation with the SEC and security coins?
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