NEWSLETTER
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Months after accusing Cumberland Drw of executing an unregistered securities negotiation operation, the United States Stock Exchange and Securities Commission has decided to leave the case.
On March 4 <a target="_blank" href="https://x.com/CumberlandSays/status/1897007837336797271″ target=”_blank” rel=”nofollow”>x publicationChicago's cryptogue firm said it had signed a joint presentation before the SEC to dismiss the demand after an agreement reached on February 20. The presentation still requires the formal approval of the agency, but Cumberland seems safe that the case is coming to an end.
Cumberland sees the agency's decision as a step towards better cooperation between regulators and cryptographic industry and said that discussions will continue with the SEC to build a future where “technological advances and regulatory clarity go hand in hand.”
Cumberland's case focused on accusations that it operated as an unregistered securities dealership, and the SEC accused the company of negotiating more than $ 2 billion in cryptographic assets without adequate record.
In its October 10 lawsuit against the firm last year, the commission said that Cumberland carried out these operations through its patented commercial platform, tide, and free sale agreements made by telephone. The agency also pointed out five specific tokens: Poligon, Solana, Cosmos, Algorand and Filecoin, which considered values according to the Federal Law.
As part of its demand, the SEC went to permanent relief, the return of profits, the interest of prejudices and civil sanctions.
Cumberland, however, delayed, arguing that he had registered as a distributors in 2019 and had spent five years participating in “Discussions in good faith” with the SEC.
This marks another cryptographic case from which the SEC has moved away in recent months. In recent weeks, the regulator has also eliminated the demands against the main exchanges such as Coinbase and Kraken, as well as research on nft Yuga Labs and Opensa players. More recently, the probes ended in Uniswap and Gemini laboratories.
In related developments, the SEC, directed by Commissioner Hester, recently presented key personnel that would be part of his crypto working group. The new team is ready to organize round tables to clarify the security status of digital assets, with the first session scheduled for March 21 at the agency headquarters in Washington, DC.
