Charles Hoskinson reacted to the delisting of Cardano(ADA) by Robinhood. Along with ADA, the fintech firm is also delisting Polygon (MATIC) and Solana (SOL). The firm declared that it is actively reviewing the coin listing keeping in mind the recent SEC enforcement against Coinbase.
The Cardano founder said that he is not surprised with the delisting. He said lack of regulatory clarity would compel some firms to flee the market.
With this law fulfilling the needs and interests of consumers, the U.S. will become good enough like other pro-crypto nations that are leaving it behind.
Cardano Founder Declares Unbiased Facility With Users
Hokinson said that apart from the ongoing crackdown, they are going to operate as they should with all the users worldwide who trust them to build a new financial operating system. This will be clear and equal, providing the same unbiased facility for billions of unbanked people worldwide.
A statement declared that no other virtual assets are affected and safe with the firm.
The announcement comes when the U.S. SEC has taken regulatory actions against Coinbase. The firm elaborated that if clients fail to sell their Cardano, Solana, and Polygon holdings by the deadline, then the company will dispose of the virtual currency at the market price. The value of the sale is credited to your Robinhood buying power.
ADA Declared Security
SEC has already declared ADA as security. This declaration has started worrying thoughts amongst the ADA community that the regulators can challenge Input Output Law, the company behind the Cardano, for offering the coin as security.
The delisting of ADA from Robinhood came when the company was still in the process of understanding the SEC claims. However, the firm has not disclosed the reason behind the delisting. However, many assumed the decision was due to the SEC’s decision against Coinbase.
The SEC accuses Coinbase of engaging in unregistered securities. This is a blow to the virtual asset industry. Hence, a further decision is taken to declare assets as securities.
Cardano (ADA) is declared security so that it can be regulated. It can be bought and sold through the financial markets with regulations.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/06/11/robinhood-delisted-ada-cardano-founder-react-against-u-s-laws/