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Bakkt Mass Delists Tokens Including Aave, Avalanche, Compound, Filecoin, MakerDAO and Uniswap, Crypto companies are playing poker with the SEC as agency cracks down on the industry, & more.

May 15, 2023

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Bakkt Mass Delists Tokens Including Aave, Avalanche, Compound, Filecoin, MakerDAO and Uniswap

Regulatory guidance and industry developments have led Bakkt, Intercontinental Exchange's crypto business, to mass-delist a number of digital assets, including some prominent decentralized finance (DeFi) tokens.
The full list of de-listed tokens are: Aave (AAVE), Avalanche (AVAX), Bancor Network Token (BNT), Basic Attention Token (BAT), Chainlink (LINK), Chiliz (CHZ), Compound Token (COMP), Cosmos (ATOM), Curve DAO (CRV), Enjin Coin (ENJ), Fantom (FTM), Filecoin (FIL), GALA (GALA), The Graph (GRT), Internet Computer (ICP), Loopring (LRC), Maker DAO (MKR), Republic (REN), Stellar (XLM), Sushiswap (SUSHI), Synthetix (SNX), Texos (XTZ) and Uniswap (UNI).
“Following the closing of our acquisition of Apex Crypto and as part of our regular coin listing review process, we have made the decision to delist a number of coins on the platform,” a spokesperson for the exchange told CoinDesk. “Our clients’ and their consumers’ best interests are our core commitment, and our review process ensures those interests are best served when we contemplate the most up-to-date regulatory guidance and the latest industry developments.”

Full Article

Crypto companies are playing poker with the SEC as agency cracks down on the industry

Cryptocurrency companies are playing a game of poker with the Securities and Exchange Commission, making bold threats to leave the U.S. as the regulator steps up pressure on the industry to toe the line.
Major players are hoping that the SEC and Washington takes, what crypto watchers see as bluffs, seriously and soften the hard line that regulators have taken on the industry.
Executives at firms including crypto exchange Coinbase and blockchain services company Ripple have piled on with comments laying into the SEC and signaling plans to shift business overseas, in a bid to rally support and send a message to U.S. politicians concerned that the country may miss out on a key technological innovation.
Coinbase CEO Brian Armstrong said last week that the SEC was on a “lone crusade” with its tough actions against certain crypto companies. He added that Chair Gary Gensler had taken an “anti-crypto view,” despite earlier being a supporter of the industry during his time as an economics professor at the MIT Sloan School of Management.

Dubai and Europe have proven to be much more favorable markets with their virtual asset regulatory frameworks, Garlinghouse said, adding: “The United States is definitely stuck.”

The question is: could they actually leave? It looks pretty unlikely.
“The U.S. is one of the largest markets for crypto, and hence it is highly unlikely that they will leave,” Larisa Yarovaya, associate professor of finance at Southampton University, told CNBC via email.
“The biggest fear of crypto companies is that regulation will cause panic among crypto investors and prices will go down.

Binance, the world’s largest crypto exchange, recently said it has become more difficult for the company to operate into the U.S. and that it was minded to establish a regulated operation in the U.K.
Patrick Hillman, the company’s chief strategy officer, said the U.S. “has been very confusing over the past six months,” pointing to the SEC’s actions against Coinbase as a sign of how the country is in a “weird place.”

Full Article

From DOGE to PEPE: The evolution of memecoins and the search for substance in the crypto industry

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