The SEC has been dropping a series of cryptocurrency lawsuits in recent days, most recently dropping the case against Cumberland DRW.
The SEC has agreed to drop its enforcement action against cryptocurrency trading firm Cumberland DRW.
This comes after the SEC's decision to drop its lawsuit against cryptocurrency exchange Kraken a day earlier.
Cumberland announced today that it has entered into a joint agreement with the SEC to drop the lawsuit against them.
“Today, we signed a joint filing with the Securities and Exchange Commission (SEC) dismissing its lawsuit against Cumberland DRW. The filing was agreed in principle between Cumberland DRW and SEC staff on February 20 and is currently awaiting Commission approval.
As a firm deeply committed to the principles of integrity and transparency, we look forward to continuing our dialogue with the SEC to help shape a future where technological advances and regulatory clarity go hand in hand, ensuring the United States remains at the forefront of global financial innovation.”
The lawsuit, filed last October, accused Cumberland of operating as an unregistered securities dealer and selling $2 billion worth of unregistered securities, including Solana (SOL), Polygon (POL), Cosmos (ATOM), Algorand (ALGO), and Filecoin (FIL).
When Will It Be Ripple's Turn?
While the SEC has recently dismissed lawsuits against various cryptocurrency companies such as Coinbase, Robinhood, Uniswap, and Gemini, it has yet to take action regarding the Ripple case.
While the crypto community now eagerly awaits the outcome of the ongoing Ripple lawsuit, the lawsuit filed against Ripple Labs is still awaiting resolution.
However, US President Donald Trump’s recent selection of Ripple’s native token, XRP, as part of the US government’s strategic cryptocurrency reserve has raised expectations for the case to be dropped.
*This is not investment advice.
