Following the US SEC’s decision, cryptocurrency exchange Bitstamp announced a suspension for a variety of cryptocurrencies, effective August 29. Bitstamp previously stated that US users will be unable to trade altcoins such as Axie Infinity (AXS), Chiliz (CHZ), Decentraland (MANA), Polygon (MATIC), NEAR Protocol (NEAR), The Sandbox (SAND), and Solana (SOL).
The SEC has a list of 68 cryptocurrencies that are classified as “securities.” The SEC designated ten additional cryptocurrencies as securities as a result of the regulator’s legal action against Binance, including Binance Coin (BNB), Binance USD (BUSD), Solana (SOL), Cardano (ADA), Polygon (MATIC), Cosmos (ATOM), The Sandbox (SAND), Decentraland (MANA), Axie Infinity (AXS), and COTI (COTI).
Bitstamp attributed the suspension to “latest development,” additionally noting, At Bitstamp, we now have a complete framework in place to continuously consider the cryptocurrencies we provide, bearing in mind the dynamic regulatory surroundings. Contemplating latest developments, we’re making some adjustments to our crypto options—particularly for our clients residing in America.
At the time of writing, CoinGecko indicated that Bitstamp had generated an estimated buying and selling volume of $173 million in the previous 24 hours.
The altcoins have protested the SEC’s decision. In June, the Solana Foundation tweeted that it “disagrees with the characterization of SOL as a safety,” while also expressing its willingness to engage politicians in conversations to clarify legal definiteness in the field of digital assets.