SEC to Dismiss $2 Billion Crypto Case Against Cumberland DRW

On March 4, Cumberland DRW, a Chicago-based crypto trading firm, announced that the SEC will dismiss its case against them, pending final approval. The SEC had sued Cumberland on October 10, alleging the firm operated as an unregistered securities dealer, handling over $2 billion in crypto assets since March 2018. The lawsuit specifically mentioned Solana, Polygon, Cosmos, Algorand, and Filecoin as crypto assets offered and sold as investment contracts. Cumberland stated they had been in discussions with the SEC for five years and look forward to further dialogue to promote technological advancements and regulatory clarity.