Cryptocurrency market maker Cumberland DRW says it has agreed with SEC staff that the regulator will dismiss the case that it brought last year. The dismissal needs to be approved by the Commissioners and is one of several to be dropped under new SEC acting Chair Mark Uyeda.
In October last year, the SEC sued Cumberland, alleging it was trading in securities without a broker-dealer license, citing at least $2 billion in transactions.
The cryptocurrencies that the regulator classified as securities at the time were Polygon, Solana, Cosmos Atom, Algorand and Filecoin.
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