The US Securities and Exchange Commission will remove its case against Chicago based on the Cumberland DRW, the crypto trading firm said.
“Today we have signed a joint filing with the Securities and Exchange Commission (SEC) that has removed its case against the Cumberland DRW,” Cumberland wrote in a March 4 x x Post.
Cumberland said the filing was agreed on the principle between the Cumberland DRW and the SEC staff on February 20 and is currently awaiting the agency’s approval.
It is the latest crypto-related lawsuit that the SEC has agreed to collapse. It had previously dropped cases against Coinbase and Kraken crypto exchanges, including crypto firm Consensys.
The regulator has recently announced that it has lowered its investigation into non -generated token companies (NFT) Yuga Labs and Openea, and Crypto exchanges Gemini and Uniswap Labs.
Source: Cumberland
“We look forward to continuing our SEC conversation to help develop a future where technology advances and regulatory clarity together,” Cumberland added.
Related: Yuga Labs said the SEC lowered its investigation into the NFT Firm
The Sec sued cumberland drw On October 10, which is said to be a single charge of operating as an unregistered security businessman for more than $ 2 billion in crypto assets.
The regulator claimed to act Cumberland as a unregistered businessman since March 2018 of buying and selling Crypto is considered security.
SEC also claimed five in Cumberland tokens hold are security, including polygon (Pol), Solana (Sol), Cosmos (Atom), Algorand (Something) and Filecoin (Fil).
The agency is seeking permanent injustice, disgorgement of those who gained bad acquisitions, prejudgment interest and civil penalties.
Cumberland argued that it was registered as a dealer-broker in 2019 and was hit by the suit despite joining the “five years of good-faith discussion” with the SEC, it only added “the latest target” of the “implementation-first SEC approach to avoiding change.”
Crypto exchange Coinbase recently filed a request Under the Freedom of Information Act (FOIA) in the SEC aimed at discovering how much the SEC spent on the action of implementing against crypto companies.
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