SEC to Drop Case Against Cumberland

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Cumberland DRW has announced that the Securities and Exchange Commission (SEC) has agreed to dismiss its lawsuit against the firm.

In a post on platform X on Tuesday, the Chicago-based crypto trading company stated that the case will be dropped once it receives final approval from the SEC.

The SEC had filed a lawsuit against Cumberland last year, accusing the firm of various securities violations, including operating as an unregistered dealer while handling over $2 billion in cryptocurrencies.

The lawsuit highlighted digital assets such as Solana, Polygon, Cosmos, Algorand, and Filecoin, alleging that Cumberland traded these “crypto assets offered and sold as investment contracts on third-party crypto asset exchanges.”