SEC drops lawsuit against Cumberland DRW, crypto trading firm, and several other companies

From Cointelegraph
March 4, 2025 5:46:32 pm:

The US SEC is dropping its case against Cumberland DRW, a crypto trading firm based in Chicago. The filing was agreed upon on Feb. 20 and is awaiting agency approval. The SEC has also dropped cases against Coinbase, Kraken, Consensys, Yuga Labs, OpenSea, Gemini, and Uniswap Labs.

Cumberland DRW was sued by the SEC on Oct. 10 for operating as an unregistered securities dealer for over $2 billion in crypto assets. The SEC claimed Cumberland acted as an unregistered dealer since March 2018 and handled tokens like Polygon, Solana, Cosmos, Algorand, and Filecoin.

Coinbase filed a request under the Freedom of Information Act to discover how much the SEC spent on enforcement actions against crypto firms. Cumberland DRW registered as a dealer-broker in 2019 but was still hit with the suit despite engaging in discussions with the SEC. The firm criticized the SEC’s “enforcement-first approach to stifling innovation.”

Read more at Cointelegraph: SEC agrees to drop lawsuit against Cumberland DRW, says firm