More Crypto On/Off Ramps Getting Shut Down
So here we go with another bloody day in the markets. The big news is Robinhood will delist the top 3 crypto tokens mentioned in the recent SEC lawsuit against Coinbase - Cardano (ADA), Solana (SOL), and Polygon (MATIC). This is a major step as there has not been any action yet taken against Robinhood so all of this is preemptive.
For those unfamiliar with Robinhood, it was at the center of the massive Gamestop hype at the beginning of 2021. There is a large, young retail investor base that uses the platform and it has only gotten more popular over time with it's adoption of additional cryptocurrencies along with the option to deposit and withdraw.
The reason this is so impactful is because Robinhood was also at the center of all the Dogecoin hype in 2021 as well. After people realized how rigged the stock market was during the Gamestop fiasco, many pivoted to the 'unregulated' markets of crypto and Dogecoin became the true memecoin cultural icon it is today, hitting it's all time high during the weekend Elon hosted SNL and pumped it live on television.
So many people I know started to dive down the crypto rabbit hole because of Robinhood and Dogecoin. You can argue it wasn't the best place for them to start and many ultimately lost a LOT of money, but once you take the orange pill (or maybe doge-pill) it's hard to look at traditional markets, finance, and even monetary systems the same again.
Robinhood bending the knee early demonstrates they won't be joining the fight alongside Coinbase. I'm sure crypto is only a small part of their business but they are a giant in both the tech and finance spaces so not having that support will be noticeable. As this battle between regulators and exchanges continues to unfold, it will be interesting to see what other top financial institutions in the crypto space choose to do and I'm sure we'll all be watching closely.
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SEC is messing things up and forcing companies to do things like Robinhood is doing just so they would not become controversial or so.
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STOPMade a ton of sense for Robinhood to get out of that mess since those are primarily staking smart contract coins that most other exchanges allow people to earn comfortable yields on. Only the most retail of traders would have been holding SOL, ADA, MATIC on a securities trading platform like Robinhood without earning yield on these assets.
Make no mistake, Operation Chokepoint 2.0 is well underway and the TradFi cuck companies are happily bending the knee since they are still beholden to the powers that be. I just hope we get some common sense and open-minded relations in place sooner than later... and not thru judicial enforcement but rather a legislative process.