U.S. SEC Charges Cumberland DRW for Operating As an Unregistered Crypto Dealer
On 10 October, the U.S. Securities and Exchange Commission (SEC) announced that it had filed a civil enforcement action against Chicago-based Cumberland DRW LLC, the crypto-focused subsidiary of DRW Holdings, LLC, a diversified trading firm that engages in proprietary trading across various asset classes. The SEC claims that Cumberland operating as an unregistered dealer in over $2 billion worth of cryptocurrency assets, which is a violation of federal securities laws.
According to the SEC’s complaint, Cumberland has engaged in regular trading of cryptoassets offered and sold as securities since at least March 2018. The firm is accused of conducting these trades without complying with the…
