SEC Targets Crypto Trading Firm Cumberland in Latest Lawsuit Over Unregistered Securities
The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Chicago-based crypto market maker Cumberland DRW, accusing the firm of operating as an unregistered dealer of securities.
The case is the latest in a series of actions targeting prominent crypto companies such as Kraken, Binance, and Ripple Labs, signaling the SEC’s continued focus on regulating the digital asset space. However, Cumberland, though a major player in the cryptocurrency industry, is less well-known to the public.
Cumberland DRW, a subsidiary of DRW Trading Group, is one of the largest liquidity providers and market makers in the digital asset sector. Founded in 2014, the firm facilitates cryptocurrency trades, including Bitcoin, Ether, Solana,…
