Cardano Founder Reacts After Robinhood Announced Plans to Delist ADA

Charles Hoskinson says some entities will start leaving the U.S. in the face of contradictory guidance.  

Cardano founder Charles Hoskinson has issued a statement regarding Robinhood’s decision to delist ADA alongside Polygon (MATIC) and Solana (SOL). Fox Business journalist Eleanor Terrett took to Twitter yesterday to share Hoskinson’s comment on the development. 

Hoskinson Comments on Robinhood’s Decision

Hoskinson said he is not surprised that whenever there is a lack of clarity and contradictory guidance, some entities would prefer to leave the market entirely instead of collaborating with regulators. 

The Cardano founder called on the legislative branch to pass commonsense and consumer-oriented legislation that will help restore clarity and integrity to the United States crypto market. 

Per Hoskinson, this consumer-oriented legislation will also take the United States back to the standards of other pro-crypto nations that are leaving the U.S. behind. Despite the ongoing crackdown against crypto businesses, Hoskinson asserted that protocols will always remain protocols. 

“They all continue to operate as intended, with millions of users across the world using them to build a new global financial operating system that is fair and equitable for the billions of unbanked people throughout the world,”  Hoskinson added. 

SEC Labels ADA a Security 

It bears mentioning that the Securities and Exchange Commission resumed its crackdown against crypto businesses by suing the two biggest crypto exchanges by trading volume – Binance and Coinbase. 

The SEC alleged that the exchanges facilitated the trading of multiple crypto assets deemed as securities. Notably, ADA is among the cryptocurrencies the SEC labeled as securities in both lawsuits. 

This sparked panic within the ADA community, with many speculating that the regulator might sue Input Output Global (IOG), the team behind Cardano, for offering the coin as a security.  

While the community was still trying to understand the implication of the SEC’s claims, American trading giant Robinhood revealed plans to delist ADA alongside MATIC and SOL on June 27. 

Robinhood did not indicate the motive behind its decision. However, many speculated that Robinhood made the decision due to SEC’s lawsuit against Binance and Coinbase.