The Securities and Exchange Commission (SEC) charged Chicago-based crypto market maker Cumberland DRW for allegedly operating as an unregistered securities dealer on Oct. 10.
According to the SEC’s complaint, Cumberland has traded over $2 billion in crypto classified as securities since at least March 2018.
The agency alleges that these activities, conducted through Cumberland’s trading platform Marea and over the phone, violated federal securities laws intended to protect investors.
Jorge G. Tenreiro, acting chief of the SEC’s Crypto Assets and Cyber Unit, stated:
“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.”
Tenreiro also addressed the crypto community’s claims that tokens should be treated as commodities, arguing that Cumberland’s actions treated the sale and offer of crypto as securities, necessitating registration to ensure investor protection.
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