Cumberland, the Chicago-based crypto trading subsidiary of DRW, was hit with charges Thursday by the U.S. Securities and Exchange Commission (SEC), which alleged that the firm handled billions of dollars worth of unregistered securities. The SEC also named some of its recurring targets in the filing, such as Solana and Polygon.
For its part, Cumberland says it will fight the charges and that it won’t change anything about its business amid the SEC action. Once upon a time, DRW took on the the CFTC when Gary Gensler—the current SEC Chair—was in charge. And DRW won.
“We’re ready to defend ourselves again,” Cumberland tweeted Thursday.
SEC Sues Crypto Trading Firm Cumberland, Again Alleges Solana and Polygon Are Securities
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“As AI becomes more popular in the investing space, we will continue to be vigilant and pursue those who lie about their firms’ technological capabilities and engage in ‘AI washing.’”
SEC’s Andrew Dean issues a warning to firms that use AI “buzzwords” to trick investors
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