SEC Agrees to Drop Enforcement Suit Against Cumberland DRW, Firm Says

The U.S. Securities and Exchange Commission (SEC) has agreed to drop its enforcement case against Cumberland DRW, the crypto trading arm of Chicago-based trading firm DRW, according to a Tuesday announcement from the company.
The SEC sued Cumberland DRW last October, accusing the firm of acting as an unregistered securities dealer and alleging it sold more than $2 billion in unregistered securities, naming tokens like Polygon (POL), Solana (SOL), Cosmos (ATOM), Algorand (ALGO) and Filecoin (FIL) as a “non-exhaustive” list of tokens the agency considered to be securities.
At the time the suit was filed, Cumberland DRW and its CEO Don Wilson pledged to fight the charges. In an interview with CoinDesk last October, Wilson said that his firm had tried and failed to register as a securities dealer with the SEC, and suggested that the lack of clarity for crypto companies under then-Chair Gary Gensler was a feature, not a bug of the agency’s regulatory approach.