The US stock and values commission. UU. (SEC) agreed to withdraw its execution case against Cumberland Drw, the cryptogue trade arm of the commercial firm based in Chicago DRW, according to a company’s Tuesday announcement.
The SEC demanded Cumberland Drw last October, accusing the firm of acting as a non -registered securities dealership and claiming that it sold more than $ 2 billion in unregistered values, naming tokens such as Polygon (Pol), Solana (Sun), Cosmos (Atom), Algorand (something) and Filecoin (FIL) as a “non -exhaustive” of the list of tokens thekens thekens the keelities.
At the time the lawsuit was filed, Cumberland Drw and his CEO Don Wilson committed to fight the charges. In an interview with Coendesk last October, Wilson said that his company had tried and was not recorded as a securities merchant with the SEC, and suggested that the lack of clarity for cryptographic companies under the then Gary Gensler armchair was a characteristic, not an error of the agency’s regulatory approach.
Read more: Who is afraid of Gary Gensler? No Don Wilson, the merchant who beat the regulator once before
“This dynamic put the SEC in a position in which they could say that everyone is breaking the rule, and we are going to chase who we want,” Wilson told Coindesk. “[It] It reminds me of ‘Atlas Shrugged’. If everyone is violating the law, they can selectively harass whoever they want. ”
Only five months later, under the new leadership of the interim president Mark Uyeda, the SEC has completely reversed the course. The agency’s decision to leave his lawsuit against Cumberland Drw is the last one of a series of abandoned demands: the SEC also withdrew his case against Coinbase, and agreed to withdraw his cases against consensys and Kraken. It has also closed a multitude of probes in cryptographic companies, including Gemini, Opensa, Robinhood Crypto and Yuga Labs. As with their consensus and Kraken agreements, the SEC Agreement with Cumberland is pending approval of most of the three commissioners currently on the panel. The commission voted to leave its case coinbase last week.
“As a company deeply committed to the principles of integrity and transparency, we hope to continue our dialogue with the SEC to help shape a future where technological advances and regulatory clarity go hand in hand, ensuring that the United States remains at the forefront of global financial innovation,” Cumberland said in his announcement.
A Cumberland Drw representative declined to comment beyond the company’s publication X.
The SEC did not respond to the request for comments from Coindesk.
