SEC Files Suit Against Cumberland DRW For Unregistered Crypto Trading
The US Securities and Exchange Commission (SEC) filed a lawsuit against Cumberland DRW, accusing the company of operating as an unregistered dealer.
The SEC claims that Cumberland sold over $2 billion in crypto assets since 2018 without complying with federal registration requirements.
The SEC’s allegations focus on Cumberland’s activities as a proprietary trader and its trading on third-party crypto asset exchanges. The agency is seeking permanent injunctive relief, disgorgement of profits, prejudgment interest, and civil penalties from the firm.
According to the SEC, five tokens traded by Cumberland—Polygon (MATIC), Solana (SOL), Cosmos (ATOM), Algorand (ALGO), and Filecoin (FIL)—are considered securities. The complaint…
