SEC moves to drop lawsuit against Cumberland DRW, marking latest crypto probe dissolved under Trump administration
Quick Take
- Cumberland said it signed a “joint filing” with the SEC to dismiss its case on Tuesday.
- Cumberland DRW, a Chicago-based crypto trading firm part of DRW, was sued last year after the SEC said it acted as a dealer without being registered.
The U.S. Securities and Exchange Commission agreed to drop its lawsuit against Cumberland DRW LLC, according to the firm.
Cumberland said it signed a "joint filing" with the SEC to dismiss its case on Tuesday. The filing was "agreed in principle" between the two last month and is awaiting the SEC's approval. The SEC declined to comment.
"As a firm deeply committed to the principles of integrity and transparency, we look forward to continuing our dialogue with the SEC to help shape a future where technological advancements and regulatory clarity go hand in hand, ensuring that the U.S. remains at the forefront of global financial innovation," the firm said on Tuesday in a post on X.
Cumberland DRW, a Chicago-based crypto trading firm part of DRW, was sued last year after the SEC said it acted as a dealer without being registered when trading $2 billion in crypto.
The agreement to drop the agency's charges against Cumberland DRW marks the latest move from the SEC, signaling a monumental shift from the prior administration. Over the past few weeks, the agency has dropped lawsuits against Kraken, Consensys and Coinbase, as well as probes into Gemini and Yuga Labs, among others.
Update: March 4, 11:25 p.m. UTC to include that the SEC declined to comment
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