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

The popular trading app will no longer support the trading of Cardano, Solana and Polygon after Tuesday.

By Helene Braun
AccessTimeIconJun 27, 2023 at 4:38 p.m. UTC
Updated Jun 27, 2023 at 4:53 p.m. UTC
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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.

Edited by Nelson Wang.

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The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish, a cryptocurrency exchange, which in turn is owned by Block.one, a firm with interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets including bitcoin and EOS. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Helene Braun
Helene Braun

Helene is a New York-based news reporter at CoinDesk, currently covering the criminal trial of infamous crypto mogul Sam Bankman-Fried. Helene is a recent graduate of New York University's business and economic reporting program and has appeared on CBS News and Nasdaq TradeTalks. She holds BTC and ETH.

Follow @HeleneBraunn on Twitter

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