🚨 SEC Sues Cumberland DRW for Unregistered Securities Trading 🚨

The U.S. Securities and Exchange Commission (SEC) has taken legal action against Cumberland DRW LLC, accusing the firm of operating as an unregistered securities dealer. Cumberland, a major player in the crypto market, allegedly facilitated over $2 billion in crypto transactions, including assets tied to Polygon (MATIC), Solana (SOL), and Algorand (ALGO), without the required registration under federal securities laws.

Since 2018, Cumberland has allegedly conducted trades through its platform Marea and by phone, positioning itself as a key liquidity provider in the crypto market. The SEC insists that all dealers, regardless of dealing in traditional or digital assets, must adhere to registration laws, marking another push in its regulatory crackdown on the crypto industry.

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