{"id":139368,"date":"2024-10-11T09:30:36","date_gmt":"2024-10-11T06:30:36","guid":{"rendered":"https:\/\/cryptodnes.bg\/en\/?p=139368"},"modified":"2024-10-11T00:06:07","modified_gmt":"2024-10-10T21:06:07","slug":"sec-sues-cumberland-for-unregistered-crypto-trading-firm-vows-to-fight-back","status":"publish","type":"post","link":"https:\/\/cryptodnes.bg\/en\/sec-sues-cumberland-for-unregistered-crypto-trading-firm-vows-to-fight-back\/","title":{"rendered":"SEC Sues Cumberland for Unregistered Crypto Trading, Firm Vows to Fight Back"},"content":{"rendered":"<p>Since 2018, Cumberland has reportedly conducted over $2 billion in crypto asset transactions without adhering to federal registration rules.<\/p>\n<p>The SEC\u2019s <strong><a href=\"https:\/\/www.sec.gov\/newsroom\/press-releases\/2024-169\" rel=\"nofollow\">complaint<\/a> <\/strong>focuses on Cumberland\u2019s proprietary trading and its activities on third-party crypto exchanges, claiming the firm should have been registered as a dealer. The agency is seeking an injunction, repayment of profits, interest, and financial penalties.<\/p>\n<p>The SEC alleges that five of the tokens traded by Cumberland \u2013 Polygon (<strong><a href=\"https:\/\/cryptodnes.bg\/en\/cryptocurrency\/polygon-ecosystem-token\/\">MATIC<\/a><\/strong>), Solana (<strong><a href=\"https:\/\/cryptodnes.bg\/en\/cryptocurrency\/solana\/\">SOL<\/a><\/strong>), Cosmos (<strong><a href=\"https:\/\/cryptodnes.bg\/en\/cryptocurrency\/cosmos\/\">ATOM<\/a><\/strong>), Algorand (<strong><a href=\"https:\/\/cryptodnes.bg\/en\/cryptocurrency\/algorand\/\">ALGO<\/a><\/strong>), and Filecoin (<strong><a href=\"https:\/\/cryptodnes.bg\/en\/cryptocurrency\/filecoin\/\">FIL<\/a><\/strong>)\u2014are considered securities under previous rulings. Cumberland, however, responded by stating that it had registered as a dealer-broker in 2019 but was informed later that the registration only applied to Bitcoin and Ether. Cumberland emphasized that it has been in ongoing discussions with the SEC for five years and that the current lawsuit marks the first time the agency has specifically identified the transactions in question.<\/p>\n<p><div class=\"read-more pb-3 pt-3 pt-md-2 px-3 my-4 border bg-light\">\n    <h5 class=\"text-uppercase border-bottom mb-3 pb-1\">Read More:<\/h5>\n    <a class=\"article row post-139251\" href=\"https:\/\/cryptodnes.bg\/en\/fbi-launches-new-cryptocurrency-to-expose-fraudsters\/\" title=\"FBI Launches New Cryptocurrency to Expose Fraudsters\">\n        <div class=\"contentRight col-4\">\n            <span class=\"imgContainer mt-0\">\n                <img class=\"image img-defer\" src=\"https:\/\/cryptodnes.bg\/en\/wp-content\/uploads\/sites\/2\/2022\/07\/FBI-240x170.jpg\">\n            <\/span>\n        <\/div>\n        <div class=\"contentLeft col-8\">\n            <h4 class=\"title mb-0\">FBI Launches New Cryptocurrency to Expose Fraudsters<\/h4>\n        <\/div>\n    <\/a>\n<\/div>\n<\/p>\n<p>In a defiant statement, Cumberland said it will not alter its operations or liquidity services, calling itself \u201cthe latest target\u201d of the SEC\u2019s regulatory stance on digital assets. The firm remains committed to defending itself against the charges.<\/p>\n<p>Cumberland\u2019s response mirrors a recent legal challenge from Crypto.com, which filed its own lawsuit against the SEC on October 8, seeking a ruling that it is not required to register as a securities broker-dealer under federal law.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On October 10, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Cumberland DRW, accusing the firm of operating as an unregistered dealer.<\/p>\n","protected":false},"author":3,"featured_media":38958,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[26],"tags":[72,424,392,282,266],"coin_category":[],"class_list":["post-139368","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocrime","tag-bitcoin","tag-crypto","tag-crypto-com","tag-filecoin","tag-solana"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SEC Sues Cumberland for Unregistered Crypto Trading, Firm Vows to Fight Back<\/title>\n<meta name=\"description\" content=\"On October 10, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Cumberland DRW, accusing the firm of operating as...\" \/>\n<meta name=\"robots\" content=\"index, follow, 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