Altcoin
These Altcoins Are Likely Poised for a Rally After the Recent SEC Decision
The U.S. Securities and Exchange Commission (SEC) has withdrawn its request for a court ruling on certain tokens. This decision concerns its lawsuit against the cryptocurrency exchange BinanceOn July 30, 2024, the SEC filed a response seeking to amend its complaint. This amendment concerns what had previously been called “Third Party Cryptocurrency Securities.”
The SEC has previously argued that tokens such as Solana (SOL), Cardano (ADA), and Polygon (MATIC) should be considered securities. These claims have 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 support for Cardano (ADA), Polygon (MATIC), and Solana (SOL) on June 26, 2023. It also ended transfer support for these cryptocurrencies. Effective June 27, 2023, all ADA, MATIC, and SOL still held in Robinhood accounts were sold at market value. The proceeds from these sales were credited to users’ Robinhood purchasing power.
This change only affects ADA, MATIC, and SOL. This update does not impact other cryptocurrencies. All other cryptocurrencies 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 tokens that were initially targeted, including Toncoin, Tron, Near Protocol, Cosmos, Filecoin, Algorand, Flow, and AXS, were also affected. The SEC had identified at least 68 tokens as securities in a broader filing involving more than $100 billion in cryptocurrency.
What future for these altcoins?
If these tokens were to be listed on Robinhood or other similar platforms, it is very likely that ADA, SOL and MATIC would trigger rapid growth.
Solana’s annual performance is 64%, while ADA and MATIC are -35% and 48%, respectively. SOL could continue to be a top performer.
At the same time, ADA could take second place, leaving MATIC behind, especially if the situation improves and these tokens are listed on Robinhood and similar platforms.
SOL, ADA, MATIC price/performance ratio
Ripple’s Legal Victories Could Lead to Its Potential Listing on Robinhood
The SEC’s change comes as political efforts to appeal to pro-crypto voters gain momentum. This change could impact how cryptocurrencies are traded.
Ripple’s legal battle with the SEC may be nearing its conclusion as Judge Analisa Torres deliberates the final decision judgmentAs regulatory uncertainty eases, platforms like Robinhood may reconsider listing these tokens. Rumors suggest that Robinhood could list XRP in early 2024.
Robinhood had previously avoided going public Exchange rate risk due to its volatility and legal issues with the Securities and Exchange Commission. However, Ripple’s recent legal victories may have alleviated these concerns. The company is also exploring future cryptocurrency developments that could impact the market.
As the regulatory landscape becomes clearer, more exchanges may list these cryptocurrencies. This could lead to new opportunities for traders and investors. The changing market dynamics reflect a shift toward more inclusive trading options.
The U.S. Securities and Exchange Commission is scrutinizing digital assets, flagging several coins as potential securities. According to CoinGecko According to the data, the market capitalization of these alleged Securities and Exchange Commission amounts to approximately $239 billion, with a decrease of 3.3% in the last 24 hours.
The Securities and Exchange Commission’s decision to withdraw its application for some tokens could give Solana, Cardano, and Polygon a boost. Robinhood may resume listing these cryptocurrencies, mirroring past trends when demand was high. This regulatory change could lead to a rally in these tokens, echoing their previous popularity.
Price Solana is trading at $180, up 4% this week and 625% over the past year. Cardano (ADA) is trading at $0.4018, down 2.73% over the past day but up 28% for the year. Polygon (MATIC) is at $0.5178, down 0.60% over the past 24 hours. Recent regulatory changes are impacting these price movements.
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Frequent questions
The SEC has withdrawn its request for a court ruling on whether SOL, ADA, and MATIC are securities.
Robinhood has stopped supporting ADA, MATIC, and SOL, selling all held tokens and crediting the proceeds to users’ accounts.
The move could push up the prices of SOL, ADA and MATIC, especially if they are listed again on platforms like Robinhood.