The US Securities and Exchange Commission (SEC) has filed a civil complaint against market maker Cumberland DRW, a subsidiary of the Chicago-based DRW Trading Group, accusing it of operating as an unregistered dealer in over $2bn of crypto assets sold as securities since March 2018. The SEC claims Cumberland earned "millions of dollars in ill-gotten gains" by buying and selling unregistered securities without registering as a securities dealer. Cumberland denies the claims and says it has been "engaging in good faith discussions" with the SEC for five years.



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