Robinhood to delist Cardano, Polygon and Solana in wake of SEC lawsuits Carcano ADA Solana
- Robinhood, the popular fintech trading app in the U.S., has announced that it will be ending support for three popular cryptocurrencies as a result of them being identified as securities in the recently filed lawsuits by the Securities and Exchange Commission against the Coinbase and Binance crypto exchanges.
The delisting of these tokens wasn’t entirely unexpected as Dan Gallagher, Chief Legal Compliance Officer at Robinhood and a former SEC commissioner, told the House Agriculture Committee in testimony on Tuesday that the firm was “actively reviewing the SEC analysis to determine what, if any, actions to take in that regard.”
He also noted that the lack of standard disclosures that often come with other security investments would hinder the re-listing of the tokens being removed at a later date, and said that “Compulsory disclosure in the digital asset space is missing,” when asked how a retail investor could understand what they’re buying when investing in crypto.
Once the deadline has passed, any ADA, MATIC or SOL that remains in a user's Robinhood Crypto account will be sold for market value and the proceeds will be credited to their Robinhood account.
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