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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