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<p class="is-style-lead">The U.S. Securities and Exchange Commission has filed charges against Cumberland DRW LLC for operating as an unregistered dealer.</p>
<p>The SEC <a href="https://www.sec.gov/newsroom/press-releases/2024-169" target="_blank" rel="noopener noreferrer nofollow">alleges</a> that Cumberland, a Chicago-based crypto market maker, bought and sold over $2 billion in crypto assets, including those treated as securities, without registering as required by federal securities laws.</p>
<p>According to the SEC’s complaint, Cumberland has conducted these activities since at least 2018 through its trading platform, Marea, and by phone.&nbsp;</p>
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   <p lang="en" dir="ltr">The SEC has filed a complaint against Cumberland DRW LLC for operating as an unregistered securities dealer<br><br>h/t <a href="https://twitter.com/inforacrypto?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@inforacrypto</a> <a rel="noopener noreferrer nofollow" href="https://t.co/OFAAyXDlr2" target="_blank">pic.twitter.com/OFAAyXDlr2</a></p>— Dumpster DAO (@Dumpster_DAO) <a href="https://twitter.com/Dumpster_DAO/status/1844418451412279615?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">October 10, 2024</a>
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<p>The <a rel="noopener noreferrer nofollow" href="https://crypto.news/tag/sec/">SEC</a> claims Cumberland marketed itself as a major liquidity provider, trading various crypto assets, including those associated with Polygon (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/polygon/">MATIC</a>), Solana (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/solana/">SOL</a>), Cosmos (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/cosmos-hub/">ATOM</a>), Algorand (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/algorand/">ALGO</a>), and Filecoin (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/filecoin/">FIL</a>).</p>
<p>In its statement, the SEC emphasized that federal laws require all dealers to register, regardless of whether they deal in traditional securities or crypto assets.</p>
<p>You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/ripple-hits-back-at-sec-files-cross-appeal/"> Ripple hits back at SEC, files cross-appeal </a></p>
<h2 class="wp-block-heading" id="sec-vs-crypto">SEC vs. crypto</h2>
<p>Gary Gensler, the SEC Chair, <a href="https://crypto.news/secs-gensler-bitcoin-not-a-security/" target="_blank" rel="noopener noreferrer nofollow">has taken a strong stance</a> against the crypto industry, viewing it as fraught with fraud and illegal practices. His leadership <a href="https://crypto.news/ripple-hits-back-at-sec-files-cross-appeal/" target="_blank" rel="noopener noreferrer nofollow">has led to</a> a series of legal actions against crypto companies, asserting that many cryptocurrencies qualify as unregistered securities and fall under the SEC’s jurisdiction</p>
<p>Earlier in the week, SEC Commissioner Mark Uyeda <a href="https://crypto.news/uyeda-secs-crypto-approach-a-disaster-for-the-whole-industry/" target="_blank" rel="noopener noreferrer nofollow">criticized</a> the agency’s approach to cryptocurrency regulation, as Crypto.com sued the SEC over a Wells notice alleging the platform operated as an unregistered broker-dealer and securities clearing agency.</p>
<p>You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/uyeda-secs-crypto-approach-a-disaster-for-the-whole-industry/"> Uyeda: SEC’s crypto approach a ‘disaster for the whole industry’ </a></p>

SEC sues Cumberland DRW for operating as unregistered securities dealer

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