Robinhood, a brokerage firm, has announced that it will delist Cardano, Polygon, and Solana after the US Securities and Exchange Commission (SEC) classified them as securities in its charges against two major crypto exchanges. The firm will end support for the three cryptocurrencies on June 27, but investors can still buy, sell, and hold ADA, MATIC, and SOL until the deadline.

Robinhood is reviewing the SEC's analysis of its cryptocurrency offerings to determine if any actions need to be taken, following the SEC's recent action against two major digital asset trading platforms. The brokerage firm currently offers users access to a limited list of 18 different tokens, some of which have been classified by the SEC as unregistered securities.

Robinhood, a fintech trading app, may delist tokens involved in lawsuits by the SEC against Binance and Coinbase. The company's Chief Legal Compliance Officer, Dan Gallagher, testified before a Congressional committee that they are reviewing the SEC analysis to determine what actions to take.

Representatives from Coinbase, Robinhood, and the US commodities regulator will testify before Congress on June 6 regarding a proposed crypto bill. The bill could classify certain crypto tokens as digital commodities. Coinbase's Chief Legal Officer, Paul Grewal, expressed support for the proposed bill and will testify on the need for clear crypto rules. The Digital Asset Market Structure Discussion Draft, released on June 2, is part of a push to provide a statutory framework for digital asset regulation.

Robinhood, the stock and crypto investing app, reported a net revenue of $441 million in Q1 2023, which is a 16% increase from the previous quarter. However, the increase in revenue did not come from its crypto business, which declined by 1% to $38 million. The company's interest revenue, on the other hand, rose 25% to $208 million, thanks to rate hikes from the Federal Reserve. Robinhood also launched its 24-Hour Market, providing 24/5 trading access to popular ETFs and individual stocks. Despite the decline in crypto revenue, Robinhood is still developing crypto-related products and recently announced new integrations with certain self-custodial wallet providers.

The PEPE Coin has made a significant impact on the crypto market, rising to the top 100 crypto token club in just two weeks. This has sparked a frenzy around other memecoins, while the rest of the market has been stagnant with Bitcoin's price remaining steady. The listing of PEPE on top crypto exchanges has given the memecoin a timely boost.

Robinhood, a popular trading platform, has reported a 30% decline in cryptocurrency trading revenues during the first quarter of this year, earning only $38 million. This is a significant drop from the $54 million earned during the same quarter in 2022, despite the recent rebound in bitcoin and ethereum prices. However, Robinhood CEO Vlad Tenev remains optimistic about the long-term prospects for crypto and has rolled out a digital wallet that supports both the Polygon and Ethereum networks. The company has also positioned itself as a safe and secure platform for crypto trading, gaining market share after the collapse of FTX.

Cryptocurrencies are gaining popularity as traditional financial systems incorporate more efficient digital systems. However, novices may find it challenging to understand terms such as hashrate and gas fees. To improve user access, top financial institutions such as Mastercard, Robinhood, and PayPal are unveiling new crypto products and services. They are also discussing plans for better on-ramping in crypto at Consensus 2023. Mastercard has launched Crypto Credential, which seeks to provide users with a seamless on-ramping experience with blockchain technology. These innovations will boost crypto adoption among individuals due to the brand reputation of these global organizations.

Bitcoin withdrawals on some cryptocurrency exchanges, including Binance and Robinhood, are experiencing problems due to network congestion, causing a large number of pending transactions and record-high fees. As a result, Binance temporarily suspended BTC withdrawals, but data shows large Bitcoin outflows. According to CryptoQuant, Binance has an exchange outflow of 190,000 BTC worth nearly $5.5 billion.

With interest rates rising and regional banks suffering, a number of new entrants have entered the market for high-yield savings accounts.