SEC Sues Crypto Market Maker Cumberland DRW

The U.S. Securities and Exchange Commission (SEC) said Cumberland DRW was an unregistered securities dealer in a lawsuit Thursday, alleging the crypto market maker "bought and sold" cryptocurrencies that were sold as unregistered securities. The SEC alleged that Cumberland used its research reports and update emails to promote investments in different cryptocurrencies. The SEC, as it has in a few previous suits, went through the five example cryptocurrencies and laid out its arguments for how these assets look like securities, pointing to public statements from the projects' founders and white papers and Cumberland's own statements about the different assets.

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