SEC dismisses Cumberland DRW lawsuit over unregistered securities trading

Months after accused Cumberland DRW of having managed an unregistered securities negotiation operation, the American Commission for Securities and Exchange decided to remove the case.

In a March 4 X postThe Crypto Company based in Chicago said it had signed a joint file to the SEC to reject the trial following an agreement concluded on February 20. The file still requires the official approval of the agency, but Cumberland seems confident that the case is coming to an end.

Cumberland considers the agency’s decision as a step towards better cooperation between regulators and cryptographic industry and said that it will continue discussions with the SEC to build a future where “technological progress and regulatory clarity go hand in hand”.

The case of Cumberland was centered on allegations according to which she operated as non -registered securities merchant, the dry accusing the negotiation cabinet of more than $ 2 billion in cryptographic assets without appropriate recording.

In his October 10 Last year, the Commission said that Cumberland had made these professions through its owner, Marea and sales agreement on the management by telephone. The agency also underlined five specific tokens – Polygon, Solana, Cosmos, Algorand and Flecoin – which he considered titles under Federal Law.

Within the framework of its trial, the SEC went for a permanent injunction, a release of profits, harmful interests and civil sanctions.

Cumberland, however, rejected, arguing that he had registered as a merchant broker in 2019 and spent five years engaging in “good faith discussions” with the dry.

This marks another case of crypto from which the dry has left in recent months. In recent weeks, the regulator has also abandoned prosecution against major exchanges such as Jamming And Krakenas well as NFT players surveys Yuga laboratories And Openesea. More recently, he ended probes on Unwap laboratories And Gemini.

In related developments, the SEC, led by Commissioner Hester, recently unveiled the key staff who would be part of his crypto working group. The new team is ready to Round host tables To clarify the safety state of digital assets, with the first session scheduled for March 21 at the agency’s headquarters in Washington, DC.