US SEC Charges Cumberland DRW With $2B Unregistered Crypto Sales

The U.S. Securities and Exchange Commission (SEC) has charged Chicago-based Cumberland DRW LLC with operating as an unregistered dealer in the crypto asset market. According to the SEC, the company conducted over $2 billion in crypto asset transactions, which were offered and sold as securities, without the required registration. The agency claims that Cumberland violated federal securities laws designed to protect investors.