Altcoins
These Altcoins Are Likely Poised to Bounce After Recent SEC Decision
The U.S. Securities and Exchange Commission (SEC) has withdrawn its request for a court ruling on certain tokens. The move affects its lawsuit against the cryptocurrency exchange BinanceOn July 30, 2024, the SECOND filed a response seeking to amend its complaint. The amendment concerns 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 assertions had significant implications for these cryptocurrencies. However, the SEC is no longer seeking a court ruling on their status.
Impact on SEC decision
Robin Hood 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, all ADA, MATIC, and SOL still held in Robinhood accounts have been sold at market value. The proceeds from these sales have been credited to Robinhood users’ purchasing power.
This change only affects ADA, MATIC, and SOL. This update does not affect any other Altcoins. 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 purchasing power.
Other best altcoins The cryptocurrencies initially targeted, including Toncoin, Tron, Near Protocol, Cosmos, Filecoin, Algorand, Flow and AXS, are also affected. The SEC has identified at least 68 tokens as securities in a broader complaint affecting more than $100 billion in cryptocurrencies.
What’s next for these altcoins?
If these tokens are listed on Robinhood or other similar platforms, it is very likely that ADA, SOL, and MATIC will trigger a rapid rise.
Solana’s year-to-date performance stands at 64%, while ADA and MATIC are at -35% and 48%, respectively. SOL could continue to post top-notch performance.
At the same time, ADA could take second place, leaving MATIC behind, especially if things improve and these tokens are listed on Robinhood and similar platforms.
SOL, ADA, MATIC, price and performance
Ripple’s legal victories could lead to its eventual listing on Robinhood
The SEC’s change of direction comes as political efforts to appeal to pro-cryptocurrency voters gain momentum. The move could impact how cryptocurrencies are traded.
Ripple’s legal battle with SEC could be nearing conclusion as Judge Analisa Torres deliberates on final decision judgementAs regulatory uncertainties ease, platforms like Robinhood may reconsider listing these tokens. Rumors suggest that Robinhood could list XRP in early 2024.
Robinhood had previously avoided going public XRP due to its volatility and legal troubles with the Securities and Exchange Commission. However, Ripple’s recent legal victories may have eased those concerns. The company is also looking into future cryptocurrency developments that could affect the market.
As the regulatory landscape clears, more exchanges could list these cryptocurrencies. This could open up new opportunities for traders and investors. The changing market dynamics reflect a shift towards more inclusive trading options.
The U.S. Securities and Exchange Commission is reviewing digital assets and identifying several cryptocurrencies as potential securities. CoinGecko According to data from the Securities and Exchange Commission, the market capitalization of these alleged companies is about $239 billion, down 3.3% in the last 24 hours.
The Securities and Exchange Commission’s decision to withdraw its application for certain tokens could boost Solana, Cardano and Polygon. Robinhood could resume listing these cryptocurrencies, reflecting past trends when demand was high. This regulatory change could lead to a rebound in these tokens, echoing their past popularity.
Solana Price Cardano (ADA) price is $180, up 4% this week and 625% in the past year. Cardano (ADA) price is $0.4018, down 2.73% in the past day but up 28% year-over-year. Polygon (MATIC) is $0.5178, down 0.60% in the past 24 hours. Recent regulatory changes are influencing these price movements.
Related Articles
Frequently Asked Questions
The SEC has withdrawn its request for a judicial ruling on whether SOL, ADA and MATIC are securities.
Robinhood has stopped supporting ADA, MATIC, and SOL, selling all tokens it held and crediting users’ accounts with the profits.
The move could send prices of SOL, ADA, and MATIC soaring, especially if they are relisted on platforms like Robinhood.