“The Suit is the Latest in a string of dropped enforcement caases by the Sec.”, – WRITE: www.coindesk.com
The Sec Sued Cumberland Drw Last October, Accking the Firm of Acting as An Unregistered Securities Dealer and Alleging It Sold More than (Sol), Cosmos (Atom), Algorand (Algo) and Filecoin (Fil) As A “Non-Exhaustive” List of Tokens the Agency Considerred to Be Securities.
At the Time the Suit Was Field, Cumberland Drw and Its Ceo Don Wilson Pledged to Fight the Charges. In an interview with Coindesk Last October, Wilson Said that His Firm Had Tried and Failed to Register as a Securities Dealer with The Sec, and Suggested that Lack of Cry. Gensler Was A Feature, Not A Bug of the Agency’s Regulatory Approach.
Read More: Who’s Afraid of Gary Gensler? Not Don Wilson, The Trader Who Beat The Regulator Once Before
“This Dynamic Put the Sec in A Position WHERE they COURCE SAY EVERYONONE IS BREAKING The RULE, AND WE’RE Just Going to Go After Whoever We Want to,“ Wilson Told Coindesk. “[It] Reminds me of ‘atlas shrugged.’ If everybody is breaking the law, they get to selectvely harass whover they want to. ”
Just Five Months Later, Under The New Leadership of Acting Chair Mark Uyeda, The Sec Has Completely Reversed Course. The agency’s Decision to Drop it Suit Against Cumberland Drw is the Latest in a Series of Abandoned Lawsuits: The Sec Has ALSO DROPED ITSE AGAINBASE, AND AgREP Kraken. It has also Closed A Multitude of Probes Into Crypto Companies, Including Gemini, Opensea, Robinhood Crypto and Yuga Labs. As with itsseensys and kraken agrees, the Sec’s Agreement with Cumberland is pending Approval from a majority of the commissiors Currently on. The Commission Voted to Drop ITS Coinbase Case Last Week.
“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 Apventory GO Hand in Hand, Ensuring Tha The Us Remains at the Forefront of Global Financial Innovation, “Cumberland Sayid in ITS Announcement.
A representative for Cumberland DRW DECLINED TO Comment Beyond the Firm’s X Post.
The Sec Did Not Respond to Coindesk’s Request for Comment.
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