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style="box-sizing:border-box;display:block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;padding-top:66.66666666666666%"/><img alt="Dan Gallagher testifies before Congress." sizes="100vw" srcset="https://content.fortune.com/wp-content/uploads/2023/06/GettyImages-1258487640.jpg?w=320&amp;q=75 320w, https://content.fortune.com/wp-content/uploads/2023/06/GettyImages-1258487640.jpg?w=480&amp;q=75 480w, https://content.fortune.com/wp-content/uploads/2023/06/GettyImages-1258487640.jpg?w=576&amp;q=75 576w, https://content.fortune.com/wp-content/uploads/2023/06/GettyImages-1258487640.jpg?w=768&amp;q=75 768w, https://content.fortune.com/wp-content/uploads/2023/06/GettyImages-1258487640.jpg?w=1024&amp;q=75 1024w, https://content.fortune.com/wp-content/uploads/2023/06/GettyImages-1258487640.jpg?w=1280&amp;q=75 1280w, https://content.fortune.com/wp-content/uploads/2023/06/GettyImages-1258487640.jpg?w=1440&amp;q=75 1440w" src="https://content.fortune.com/wp-content/uploads/2023/06/GettyImages-1258487640.jpg?w=1440&amp;q=75" decoding="async" data-nimg="responsive" style="top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:cover;background-size:cover;background-position:0% 0%;filter:blur(20px);background-image:url(&quot;data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAADUlEQVR42mO8fv1mPQAIHAMIsIR6agAAAABJRU5ErkJggg==&quot;)"/><noscript><img alt="Dan Gallagher testifies before Congress." decoding="async" data-nimg="responsive" style="top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:cover" sizes="100vw" srcset="https://content.fortune.com/wp-content/uploads/2023/06/GettyImages-1258487640.jpg?w=320&amp;q=75 320w, https://content.fortune.com/wp-content/uploads/2023/06/GettyImages-1258487640.jpg?w=480&amp;q=75 480w, https://content.fortune.com/wp-content/uploads/2023/06/GettyImages-1258487640.jpg?w=576&amp;q=75 576w, https://content.fortune.com/wp-content/uploads/2023/06/GettyImages-1258487640.jpg?w=768&amp;q=75 768w, https://content.fortune.com/wp-content/uploads/2023/06/GettyImages-1258487640.jpg?w=1024&amp;q=75 1024w, https://content.fortune.com/wp-content/uploads/2023/06/GettyImages-1258487640.jpg?w=1280&amp;q=75 1280w, https://content.fortune.com/wp-content/uploads/2023/06/GettyImages-1258487640.jpg?w=1440&amp;q=75 1440w" src="https://content.fortune.com/wp-content/uploads/2023/06/GettyImages-1258487640.jpg?w=1440&amp;q=75"/></noscript></span><div class="sc-88eb81ec-8 iNeZMl">Dan Gallagher is the chief legal officer at Robinhood.</div><div class="sc-88eb81ec-9 iGTTdD">Ting Shen—Bloomberg/Getty Images</div></div><div id="article-content" color="#877329" class="sc-88eb81ec-12 bdzFst"><div><div data-cy="articleContent" class="rawHtml-content-no-nativo"><p>Dan Gallagher, Robinhood’s chief legal officer, testified before the House Agriculture Committee on Tuesday that the stock trading app was “<a href="https://www.bloomberg.com/news/articles/2023-06-06/robinhood-reviews-crypto-offerings-after-regulatory-crackdown?sref=2jPYL79S" target="_self" rel="" class="sc-d73ccddd-0 bSMimr styledLinkColor ">actively reviewing</a>” tokens the Securities and Exchange Commission deemed were securities in lawsuits against Binance and <a href="https://fortune.com/company/coinbase/" target="_blank" rel="" class="sc-d73ccddd-0 bSMimr styledLinkColor ">Coinbase</a>.</p><div class="paywall-selector"/><div class="paywall"> <p>On Friday, Robinhood, which recently expanded into crypto, said in an <a href="https://robinhood.com/us/en/support/articles/cardano-polygon-solana-update/" target="_self" rel="" class="sc-d73ccddd-0 bSMimr styledLinkColor ">update on its website</a> that it will delist Solana’s SOL, Cardano’s ADA, and Polygon’s MATIC beginning June 27 at 6:59 p.m. ET. Users will be able to buy and sell the tokens up until the end of June. However, come then, any existing tokens in a user’s wallet “will be sold for market value.”</p> <p>“Earlier this week the SEC sued crypto companies Binance and Coinbase and alleged that a number of cryptocurrencies are unregistered securities. This includes Solana (SOL), Polygon (MATIC), and Cardano (ADA), which are currently supported on the Robinhood Crypto platform,” the company wrote in a message to its users. “This introduced a cloud of uncertainty around these assets, and as a result, our team has decided to end support for them.”</p><div data-cy="nativoTout"/> <p>A spokesperson for Polygon Labs did not immediately return a request for comment. Neither did the Solana or Cardano foundations, but in a <a href="https://fortune.com/crypto/2023/06/08/solana-foundation-denies-that-sol-is-a-security/" target="_self" rel="" class="sc-d73ccddd-0 bSMimr styledLinkColor ">statement</a> issued to <em>Fortune</em> yesterday, a spokesperson for Solana said it “strongly believes that SOL is not a security.”</p> <p>Prices of those tokens didn’t move significantly after Robinhood notified its users on Friday morning. However, since the SEC singled out Solana, Polygon, and Cardano earlier this week, their prices have plummeted. SOL was down approximately 12% from Monday to Thursday afternoon. MATIC was also down about 12%, and ADA dropped 5%. The three tokens are in the top 10 in total market capitalization among all cryptocurrencies, according to <a href="https://coinmarketcap.com/" target="_self" rel="" class="sc-d73ccddd-0 bSMimr styledLinkColor ">CoinMarketCap</a>.</p><div data-cy="instreamAd"/> <p>The sudden pivot in the fortunes of Solana, Polygon, and Cardano follow the SEC’s two blockbuster lawsuits on Monday and Tuesday. In its <a href="https://fortune.com/crypto/2023/06/05/sec-sues-binance-securities-violations/" target="_self" rel="" class="sc-d73ccddd-0 bSMimr styledLinkColor ">suit against Binance</a>, SEC Chair Gary Gensler said: “Through 13 charges, we allege that [CEO Changpeng] Zhao and Binance entities engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law.”</p> <p>In less aggressive language, Gensler also <a href="https://fortune.com/crypto/2023/06/06/sec-sues-coinbase-violating-securities-laws/" target="_self" rel="" class="sc-d73ccddd-0 bSMimr styledLinkColor ">said</a> that Coinbase did not comply with U.S. securities law. “Coinbase’s alleged failures deprive investors of critical protections, including rulebooks that prevent fraud and manipulation, proper disclosure, safeguards against conflicts of interest, and routine inspection by the SEC,” he said in a statement.</p>