The fear of the sec might not necessarily be the beginning of wisdom, especially if there are opportunities for clarifications.
In line with the recent lawsuits against the crypto community by the sec, Robinhood has finally ended support for some top coins in the crypto space.
This came after announcements of a future delisting, users were notified in time inorder to do the need. The coins delisted are;
This could affect the price actions of these projects, as it reduces it's coverage or exposure to potential investors.
The official statement from #Robinhood exchange read:
Earlier this week, the SEC sued crypto companies Binance and Coinbase. The SEC has alleged that a number of cryptocurrencies trading on those platforms are unregistered securities, including three that are currently supported on Robinhood Crypto. (1/4)
This introduced a cloud of uncertainty around these assets and, as a result, our team has decided to end support for them. (2/4)
What does this mean for customers? Everyone who holds Solana (SOL), Polygon (MATIC), and Cardano (ADA) will receive detailed instructions on how to sell and/or withdraw their coins, where supported. (3/4)
We believe in the future of crypto and will continue to advocate for regulatory clarity in the U.S. so that customers can participate in the marketplace with greater confidence. (4/4)
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The announcement did not go well with Crypto enthusiasts and investors, who took to the comment section to lay their concerns.
Some users also shared that, it was very weak of the Robinhood's team to come up with these decisions instead of working towards safeguarding the space.
In the future, after this dust settles, we could see a relisting again. Although, relisting a are very very rare in the crypto space.
Nevertheless, there are investors who still very much believe in these #crypto projects too.
The delisting announcements takes effect 27th of June, 2023. Meanwhile, let's stay focused and see what happens next.
We would love to hear your thoughts below 👇
Do you think this is good?
Which of these projects do you believe in more?
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Disclaimer
This post is for educational purposes only and not a financial advice. Please always do your own research before Investing in any crypto currency 🙏