U.S.-based digital trading app Robinhood announced today that it will end support for three major cryptocurrencies on June 27 — Cardano (ADA), Polygon (MATIC), and Solana (SOL).
The company advised users to sell or transfer their holdings before the deadline, at which point the tokens will be automatically sold and converted to buying power on the app.
Robinhood said it made the decision after one of its regular reviews of the sector but did not disclose the exact reason behind the delisting.
“Investment contracts”
Polygon, Cardano, and Solana’s native tokens were recently labeled as securities by the SEC in its lawsuits against Coinbase and Binance.
The regulator claims these tokens are securities because they were initially issued as a fundraising tool for the companies behind them and buyers were “reasonably” led to expect that their investments would be used to grow the projects which would yield profits for them.
SEC Chair Gary Gensler clarified in public remarks yeste
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