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Cumberland sued by SEC for offering “crypto securities” as unregistered dealer

Man looking at currency trading app on his smart phone from his home office
Photo: Alisdair Berg

Alexander Barzacanos

2 min read
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This marks the first time the SEC has gone after a large OTC crypto market maker for failing to register as a broker-dealer.

Cumberland DRW LLC, a market maker that hosts high-net-worth individuals as counterparties, has been sued by the SEC for listing billions of dollars of “crypto assets offered and sold as securities” without registering as a broker-dealer.

By this, the SEC means cryptocurrencies whose value is so bundled to managerial efforts

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