{"id":647371,"date":"2024-10-10T19:48:45","date_gmt":"2024-10-10T19:48:45","guid":{"rendered":"https:\/\/uniquehot.com\/?p=647371"},"modified":"2024-10-10T19:48:45","modified_gmt":"2024-10-10T19:48:45","slug":"sec-strikes-again-cumberland-drw-charged-for-unregistered-crypto-operations","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/breaking-news-ticker\/sec-strikes-again-cumberland-drw-charged-for-unregistered-crypto-operations\/","title":{"rendered":"SEC Strikes Again: Cumberland DRW Charged For ‘Unregistered Crypto Operations’"},"content":{"rendered":"

The US Securities and Exchange Commission (SEC) has stepped up its regulatory scrutiny of the crypto industry by charging Cumberland DRW LLC with operating as an “unregistered dealer”, underscoring the agency’s relentless enforcement approach that has come under increasing criticism from stakeholders and advocates in the digital asset space.<\/span><\/p>\n

Accused Of Trading $2B In Crypto As \u2018Unregistered Dealer\u2019<\/span><\/h2>\n

In a <\/span>statement <\/span><\/a>released on Thursday, the SEC revealed that Chicago-based Cumberland DRW is accused of trading over $2 billion in crypto assets offered and sold as alleged “securities” in violation of federal registration requirements designed to protect investors.\u00a0<\/span><\/p>\n

The SEC’s complaint alleges that Cumberland has been engaging in these activities since at least March 2018, acting as an \u201cunregistered dealer\u201d by <\/span>buying and selling <\/span><\/a>crypto assets for its own accounts as part of its regular business operations.<\/span><\/p>\n

Related Reading: US Charges 14 Individuals And Four Crypto Companies In Major \u2018Sham Trading\u2019 Scandal<\/a><\/div>\n

According to the firm’s <\/span>website<\/span><\/a>, it provided “deep, reliable liquidity” in crypto assets, as well as investing in technology, claiming to have decades of experience in the field.\u00a0<\/span><\/p>\n

Cumberland DRW has publicly positioned itself as “one of the world\u2019s leading liquidity providers” in the digital asset market, operating around the clock and executing trades with counterparties via telephone and its online platform, Marea.\u00a0<\/span><\/p>\n

Cumberland also offered spot cryptocurrency liquidity, and operations for “dozens” of cryptocurrencies, including stablecoins, for<\/span> institutional investors<\/span><\/a> in the market. Other services offered by the company included options and futures trading, bilateral crypto options, and non-deliverable forwards.\u00a0<\/span><\/p>\n

SEC Seeks Penalties Against Cumberland DRW<\/span><\/h2>\n

The SEC further alleges that Cumberland has been trading crypto assets treated as <\/span>investment contracts<\/span><\/a> on third-party exchanges. Jorge G. Tenreiro, Acting Chief of the SEC\u2019s Crypto Assets and Cyber Unit, stated:\u00a0<\/span><\/p>\n

The federal securities laws require all dealers in all securities to register with the Commission, and those who operate in the crypto asset markets are no exception.\u00a0<\/span><\/p><\/blockquote>\n

Related Reading: Solana Bullish Pattern Signals Massive Gains Ahead \u2013 2021 Rally Could Repeat<\/a><\/div>\n

The SEC’s Head Of the digital assets divison noted that despite industry claims equating crypto asset sales to<\/span> commodity sales<\/span><\/a>, the SEC’s complaint asserts that Cumberland, the issuers, and investors viewed the transactions as investments in securities. Tenreiro further alleged:\u00a0<\/span><\/p>\n

Cumberland profited from its dealer activity in these assets without providing investors and the market with the important protections afforded by registration.<\/span><\/p><\/blockquote>\n

The SEC’s complaint was filed in the US District Court for the Northern District of Illinois and charges Cumberland with violating Section 15(a) of the Securities Exchange Act of 1934. The agency is seeking permanent injunctive relief, recovery of ill-gotten gains, prejudgment interest, and civil penalties against the firm.<\/span><\/p>\n

\"Crypto\"
The daily chart shows the total crypto market cap valuation just above the $2 trillion mark. Source: TOTAL on TradingView.com<\/a><\/figcaption><\/figure>\n

Featured image from DALL-E, chart from TradingView.com<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The US Securities and Exchange Commission (SEC) has stepped up its regulatory scrutiny of the crypto industry by charging Cumberland DRW LLC with operating as an “unregistered dealer”, underscoring the agency’s relentless enforcement approach that has come under increasing criticism from stakeholders and advocates in the digital asset space. Accused Of Trading $2B In Crypto As \u2018Unregistered Dealer\u2019 In a statement released on Thursday, the SEC revealed that Chicago-based Cumberland DRW is accused of trading over $2 billion in crypto assets offered and sold as alleged “securities” in violation of federal registration requirements designed to protect investors.\u00a0 The SEC’s complaint alleges that Cumberland has been engaging in these activities since at least March 2018, acting as an \u201cunregistered dealer\u201d by buying and selling crypto assets for its own accounts as part of its regular business operations. Related Reading: US Charges 14 Individuals And Four Crypto Companies In Major \u2018Sham Trading\u2019 Scandal According to the firm’s website, it provided “deep, reliable liquidity” in crypto assets, as well as investing in technology, claiming to have decades of experience in the field.\u00a0 Cumberland DRW has publicly positioned itself as “one of the world\u2019s leading liquidity providers” in the digital asset market, operating around the clock and executing trades with counterparties via telephone and its online platform, Marea.\u00a0 Cumberland also offered spot cryptocurrency liquidity, and operations for “dozens” of cryptocurrencies, including stablecoins, for institutional investors in the market. Other services offered by the company included options and futures trading, bilateral crypto options, and non-deliverable forwards.\u00a0 SEC Seeks Penalties Against Cumberland DRW The SEC further alleges that Cumberland has been trading crypto assets treated as investment contracts on third-party exchanges. Jorge G. Tenreiro, Acting Chief of the SEC\u2019s Crypto Assets and Cyber Unit, stated:\u00a0 The federal securities laws require all dealers in all securities to register with the Commission, and those who operate in the crypto asset markets are no exception.\u00a0 Related Reading: Solana Bullish Pattern Signals Massive Gains Ahead \u2013 2021 Rally Could Repeat The SEC’s Head Of the digital assets divison noted that despite industry claims equating crypto asset sales to commodity sales, the SEC’s complaint asserts that Cumberland, the issuers, and investors viewed the transactions as investments in securities. Tenreiro further alleged:\u00a0 Cumberland profited from its dealer activity in these assets without providing investors and the market with the important protections afforded by registration. The SEC’s complaint was filed in the US District Court for the Northern District of Illinois and charges Cumberland with violating Section 15(a) of the Securities Exchange Act of 1934. The agency is seeking permanent injunctive relief, recovery of ill-gotten gains, prejudgment interest, and civil penalties against the firm. Featured image from DALL-E, chart from TradingView.com<\/p>\n","protected":false},"author":589,"featured_media":647373,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[86683],"tags":[428,679,1119,1144,78790,6664,14690,13331,1558,54512,88670],"class_list":["post-647371","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-breaking-news-ticker","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-news","tag-crypto-regulation","tag-cryptocurrency","tag-defi","tag-u-s-crypto-regulation"],"acf":[],"yoast_head":"\nSEC Strikes Again: Cumberland DRW Charged For 'Unregistered Crypto Operations'<\/title>\n<meta name=\"description\" content=\"The SEC has stepped up its regulatory scrutiny of the crypto industry by charging Cumberland DRW with operating as an 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With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies. Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology. Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry. One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth. However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape. Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge. With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.","sameAs":["https:\/\/instagram.com\/itsmarquez_fr?igshid=ZDdkNTZiNTM=","https:\/\/x.com\/Rmmcapital"],"url":"https:\/\/uniquehot.com\/author\/ronaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"SEC Strikes Again: Cumberland DRW Charged For ‘Unregistered Crypto Operations’","url":"http:\/\/uniquehot.com\/breaking-news-ticker\/sec-strikes-again-cumberland-drw-charged-for-unregistered-crypto-operations\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/breaking-news-ticker\/sec-strikes-again-cumberland-drw-charged-for-unregistered-crypto-operations\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/10\/Screenshot_507.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/10\/Screenshot_507.jpg?fit=1311%2C737"},"articleSection":"Breaking News Ticker","author":[{"@type":"Person","name":"Ronaldo Marquez"}],"creator":["Ronaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin price","btc","btcusd","btcusdt","crypto","crypto news","crypto regulation","cryptocurrency","defi","u.s. crypto regulation"],"dateCreated":"2024-10-10T19:48:45Z","datePublished":"2024-10-10T19:48:45Z","dateModified":"2024-10-10T19:48:45Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"SEC Strikes Again: Cumberland DRW Charged For ‘Unregistered Crypto Operations’\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/breaking-news-ticker\\\/sec-strikes-again-cumberland-drw-charged-for-unregistered-crypto-operations\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/breaking-news-ticker\\\/sec-strikes-again-cumberland-drw-charged-for-unregistered-crypto-operations\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/10\\\/Screenshot_507.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/10\\\/Screenshot_507.jpg?fit=1311%2C737\"},\"articleSection\":\"Breaking News Ticker\",\"author\":[{\"@type\":\"Person\",\"name\":\"Ronaldo Marquez\"}],\"creator\":[\"Ronaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin price\",\"btc\",\"btcusd\",\"btcusdt\",\"crypto\",\"crypto news\",\"crypto regulation\",\"cryptocurrency\",\"defi\",\"u.s. crypto regulation\"],\"dateCreated\":\"2024-10-10T19:48:45Z\",\"datePublished\":\"2024-10-10T19:48:45Z\",\"dateModified\":\"2024-10-10T19:48:45Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/10\/Screenshot_507.jpg?fit=1311%2C737","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/647371"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/589"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=647371"}],"version-history":[{"count":1,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/647371\/revisions"}],"predecessor-version":[{"id":647379,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/647371\/revisions\/647379"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/647373"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=647371"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=647371"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=647371"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}