Months after accusing Cumberland DRW of performing a non -registered trade in securities, the US Securities and Exchange Commission has decided to drop the case.
In a March 4 XSaid the Crypto company, based in Chicago, that it had signed a joint application for the SEC to reject the lawsuit after an agreement that was reached on 20 February. The submission still requires formal approval from the agency, but Cumberland seems to be confident that the case is coming to an end.
Cumberland regards the decision of the Agency as a step towards better cooperation between supervisors and the crypto industry and said that the discussions with the SEC will continue to build a future where “technological progress and regulatory clarity go hand in hand.”
Cumberland’s case was aimed at allegations that it operated as a non -registered securities trader, whereby the SEC has accused the trade of trade of more than $ 2 billion in crypto assets without the correct registration.
In its lawsuit on 10 October against the company last year, the committee said that Cumberland carried out these transactions through its own trading platform, Marea and freely available deals that were held by telephone. The Agency also pointed to five specific tokens – Polygon, Solana, Cosmos, Algorand and Filecoin – that considered it effects under federal legislation.
As part of his lawsuit, the SEC for permanent provisional exemption, denial of profit, prejudices were interested and civil fines.
Cumberland, however, pushed back and argued that it had registered as a dealer broker in 2019 and spent five years on “good faith discussions” with the sec.
This marks another crypto case from which the SEC has run away in recent months. In recent weeks, the regulator has also dropped lawsuits against large stock markets such as Coinbase and Kraken, as well as investigations into NFT players Yuga Labs and OpenSea. More recently, the probes in Uniswap Labs and Gemini ended.
In related developments, the SEC, led by Commissioner Hester, recently revealed important staff who would be part of the Crypto Task Force. The new team has been set to organize round tables to clarify the security status of digital assets, with the first session planned for March 21 at the head office of the Washington agency, DC.
