ADA, SOL Underperform as Robinhood Gets Set to Delist Them Amid SEC Crackdown

Cryptocurrencies Cardano (ADA) and Solana (SOL) fell more than the broader crypto market on Tuesday, just before trading app Robinhood was set to delist them later in the day at 6:59 p.m. ET.

On June 9, Robinhood said that it would end support for ADA, SOL and MATIC on June 27 “based on [their] latest review.” The decision came right after the three tokens were named as securities in the Securities and Exchange Commission’s (SEC) lawsuits against Binance and Coinbase.

ADA and SOL were down about 2.3% and 1.8%, respectively, over the past 24 hours, according to CoinDesk data, while the broader CoinDesk Market Index (CMI) was up 0.6% over the same time period. Polygon (MATIC), the native cryptocurrency that powers the Polygon Network, was flat. Since Robinhood announced it was ending support for the three tokens on June 9, the prices for the three crypto assets have dropped more than 5% while the CMI is up about 9% over the same period.

After Tuesday, users of Robinhood’s app will be able to trade 15 different crypto currencies, including bitcoin (BTC), ether (ETH), dogecoin (DOGE), and avalanche (AVAX), none of which were named as securities in the SEC’s lawsuits.