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Robinhood removes Solana, Polygon and Cardano, is reviewing crypto options from post-SEC lawsuits

Trading giant Robinhood is delisting a handful of prominent crypto assets in response to the US Securities and Exchange Commission (SEC) suing Binance and Coinbase for allegedly violating securities laws.

According to a new report from Bloomberg, Robinhood Chief Legal Officer Dan Gallagher told members of Congress that the company is pulling smart contract platforms Solana (SOL), Cardano (ADA) and Polygon (MATIC) after SEC clamped down on the digital asset industry earlier this week.

Furthermore, Gallagher told the House Agriculture Committee that Robinhood will also review its crypto options in the future.

Gallagher, who is a former commissioner of the regulatory agency, says Robinhood is “actively reviewing” SEC complaints “to determine what action to take, if any.”

Earlier this week, the SEC filed lawsuits against Binance and Coinbase, the world’s two largest cryptocurrency exchanges, for allegedly violating securities laws.

Robinhood, a popular asset trading platform that primarily trades equities, also offered 18 crypto assets to clients before announcing it will remove SOL, ADA and MATIC.

Per the report, SEC filings indicate that all three digital assets qualify as securities, and therefore offering them would qualify as selling unregistered securities.

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Tether Launches Mexican Peso Tokens on Ethereum, Tron, and Polygon

Stablecoin issuer Tether Operations Limited announced that the company has launched a new token pegged to the value of the Mexican peso. According to the team, the newly launched MXNT tokens will initially be hosted on Ethereum, Polygon, and Tron.

Stablecoin MXNT is pegged 1:1 to the Mexican peso

Stablecoin and blockchain firm Tether has revealed that it has launched a new fiat-backed token that will join the company’s pool of stablecoins. Tether launched MXNT, a stablecoin pegged to the value of the Mexican peso.

Tether’s other fiat token offerings include the popular USDT, which is pegged to the US dollar, and EURT, which is pegged to the value of the euro. The company also offers CNHT, a token pegged to the offshore Chinese yuan, and Tether gold XAUT, a token pegged to the value of an ounce of fine gold.

Tether USDT is the largest stablecoin in existence today as it currently has a market valuation of around $73.2 billion. The token’s market cap represents 5.77% of the $1.27 trillion crypto economy.

Of the $86.43 billion in digital currency trading volume on Thursday, the connection volume is around $45.42 billion, or 52.55% of today’s global trading volume. In terms of bitcoin (BTC) trading pairs, USDT is the top pair with bitcoin, capturing 55% of today’s BTC trading volumes. Tether says that the launch of MXNT will be a “testing ground for the integration of new users in the Latin American market.”

Paolo Ardoino, CTO of Tether, detailed during the announcement that the company has seen the popularity of digital currencies increase in Latin America. “We have seen an increase in the use of cryptocurrencies in Latin America in the last year, which has made it clear that we need to expand our offerings,” Ardoino said in a note sent to News.