The U.S. Securities and Exchange Commission (SEC) has withdrawn its request for a court ruling on certain tokens. This decision affects its lawsuit against the crypto exchange Binance. On July 30, 2024, the SEC filed a response seeking to amend its complaint. This amendment pertains to what it previously called “Third Party Crypto Asset Securities.”
The SEC had previously argued that tokens like Solana (SOL), Cardano (ADA), and Polygon (MATIC) should be considered securities. These claims had significant implications for these cryptocurrencies. However, the SEC no longer seeks a court decision on their status.
Impact on SEC’s Decision
Robinhood ended its support for Cardano (ADA), Polygon (MATIC), and Solana (SOL) on June 26, 2023. It also discontinued transfer support for these cryptocurrencies. As of June 27, 2023, any ADA, MATIC, and SOL still held in Robinhood accounts were sold at market value. The proceeds from these sales were credited to users’ Robinhood buying power.
This change affects only ADA, MATIC, and SOL. This update impacts no other cryptocurrencies. All other crypto holdings on Robinhood remain safe and available.
Robinhood users should note that the adjustment was specific to these three tokens. This update was part of the platform’s decision to sell the affected cryptocurrencies and credit accounts with the proceeds. Users who still held ADA, MATIC, or SOL on June 27 will see the value reflected in their buying power.
Other tokens initially targeted, including Toncoin, Tron, Near Protocol, Cosmos, Filecoin, Algorand, Flow, and AXS, are also impacted. The SEC had identified at least 68 tokens as securities in a broader claim affecting over $100 billion worth of cryptocurrencies.
What’s Next For These Altcoins?
If these tokens are listed on Robinhood or other similar platforms, it is highly likely that ADA, SOL, and MATIC will trigger a swift upswing.
The year-to-date performance of Solana stands at 64%, while ADA and MATIC are -35% and 48%, respectively. SOL could continue to remain a top performance.
At the same time, ADA might take the second spot, leaving MATIC behind, especially if things improve and these tokens get listed on Robinhood and similar platforms.
Ripple’s Legal Wins Might Lead to Its Potential Listing on Robinhood
The SEC’s shift comes as political efforts to appeal to pro-crypto voters gain momentum. This change might influence how cryptocurrencies are traded.
Ripple’s legal battle with the SEC might be nearing its conclusion as Judge Analisa Torres deliberates the final judgment. With regulatory uncertainties easing, platforms like Robinhood might reconsider listing these tokens. Rumors suggest that Robinhood could list XRP in early 2024.
Robinhood had previously avoided listing XRP due to its volatility and legal issues with the Securities and Exchange Commission. However, Ripple’s recent legal victories may have mitigated these concerns. The company is also exploring future cryptocurrency developments that could affect the market.
As the regulatory landscape clears, more exchanges might list these cryptocurrencies. This could lead to new opportunities for traders and investors. The evolving market dynamics reflect a shift towards more inclusive trading options.
The U.S. Securities and Exchange Commission scrutinizes digital assets, flagging several coins as potential securities. According to CoinGecko data, the market capitalization of these alleged Securities and Exchange Commission stands at approximately $239 billion, reflecting a 3.3% decrease over the past 24 hours.
The Securities and Exchange Commission’s decision to withdraw its request on certain tokens could boost Solana, Cardano, and Polygon. Robinhood might resume listing these cryptocurrencies, reflecting past trends when demand was high. This regulatory shift could lead to a rally in these tokens, echoing their previous popularity.
Solana price is trading at $180, which is up 4% this week and 625% over the past year. Cardano (ADA) is priced at $0.4018, down 2.73% on the last day but up 28% annually. Polygon (MATIC) is $0.5178, with a 0.60% drop over the past 24 hours. Recent regulatory changes are influencing these price movements.
The post These Altcoins Likely Primed For Rally After SEC’s Recent Decision appeared first on CoinGape.
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