SEC Abandons Cumberland DRW Suit: Ripple Case Next?

• The SEC has agreed to dismiss its enforcement case against Cumberland DRW.
• The firm was accused of selling $2 billion in unregistered tokens, including Solana.
• Legal expert predicts Ripple case resolution could come in May, potentially earlier.

The U.S. Securities and Exchange Commission (SEC) has agreed to drop its enforcement case against Cumberland DRW, a crypto trading firm. 

This development follows the SEC’s recent dismissal of its lawsuit against the crypto exchange Kraken, coming 15 months after filing charges of unregistered broker-dealer operations. 

SEC Drops Unregistered Securities Dealer Allegations

The SEC initially sued Cumberland DRW in October 2024, alleging the firm operated as an unregistered securities dealer. 

The lawsuit claimed Cumberland sold over $2 billion in unregistered securities, including tokens like Polygon (MATIC), Solana (SOL), Cosmos (ATOM), Algorand (ALGO), and Filecoin (FIL), among others.

Related: Trump Taps XRP, ADA for US Crypto Reserve, Ripple and Cardano Finally Get Along

Joint Filing Signals Case Dismissal, SEC Approval Pending

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