Solana co-founder Raj Gokal is not very worried about a recent move by Robinhood and other U.S.-based platforms to delist SOL as a tradable asset amid regulatory uncertainty. In a CNBC interview, Gokal labeled Robinhood and other exchanges that took the same step as crypto “tourists.” He also weighed in on ongoing efforts to bring clarity to the U.S. crypto industry.
Recall that Robinhood, with an estimated 23 million users, delisted SOL in June. The crypto asset was tagged alongside others as securities by the United States Securities and Exchange Commission (SEC) in lawsuits against Coinbase and Binance. Although the Solana co-founder hesitated to comment on the ongoing court case, he reckoned that the Robinhood delisting was not a significant concern for the Solana Foundation.
The Solana co-founder said, “I think it’s pretty understandable for U.S. businesses that are not primarily crypto businesses [to delist SOL]. We see this in every market cycle: crypto tourists and businesses that have very small product lines in crypto and kind of recede when it gets hot in the kitchen. My understanding of folks like Robinhood and other products is that these were really small product lines.”
Focusing on the positives since the SEC saga with crypto exchanges, Raj Gokal added, “The more important thing is that folks like Coinbase, Binance, and other exchanges that represent the largest majority of trading volume and activity for users are not taking any meaningful action that limits consumer access to these assets. That’s great to see and what I expect to continue to see.”
We Want Clarity: Raj Gokal
Solana’s co-founder also expressed optimism that the U.S. crypto industry is on the verge of getting regulatory clarity. According to Gokal, there are a lot of “positive signs” and “more legislative pressure to create more clear and actionable guidelines for how to operate in crypto.”
He continued, “We just want clarity. I think the lack of regulatory clarity has held the industry back for several years, and it seems we’re on the verge of getting that, hopefully from Congress.”
Raj Gokal praised U.S. Congressmen Patrick McHenry, Ritchie Torres, and others who are promoting the need for clear regulations before lawmakers. He also singled out Coinbase for praise, lauding the exchange’s ongoing effort to provide clear guidelines to the emerging industry.
