","button_title":"Play-to-Earn Game List","span_one":"No obligations","span_two":"Free to use"}},"header":{"homepage":"Homepage","Game Reviews":"Game Reviews","Game List":"Game List","Developers":"Developers","Developer List":"Developer List","Gaming News":"Gaming News","search":"Search","local":"en","Popular P2E Developers":"Popular P2E Developers","Play To Earn Games":"Play To Earn Games","P2E Games":"P2E Games","Crypto Games":"Crypto Games","Web3 Games":"Web3 Games"},"meta":{"title":"Games to Earn, Blockchain, NFT, P2E Games List","description":"Play hundreds of games! Games to Earn, P2E, Blockchain, NFT, Crypto, Web3 Games. Read game reviews and start playing right away. Play now!","ogType":"article","keywords":"NFT Games, Crypto Games, Earning Games, Earning Games, Blockchain Games, P2E Games"}}},"initialLocale":"fr","ns":["news_letter","singleNews","singleGame","footer","common","header","meta"],"userConfig":{"i18n":{"locales":["en","hi","fr","es","de","pt","nl","tr"],"localeDetection":false,"defaultLocale":"en","domains":[{"domain":"playtoearngames.com","defaultLocale":"en"},{"domain":"hi.playtoearngames.com","defaultLocale":"hi","locales":["hi-IN"]},{"domain":"fr.playtoearngames.com","defaultLocale":"fr","locales":["fr-BE","fr-CA"]},{"domain":"es.playtoearngames.com","defaultLocale":"es","locales":["es-GT","es-MX"]},{"domain":"pt.playtoearngames.com","defaultLocale":"pt","locales":["pt-BR"]},{"domain":"de.playtoearngames.com","defaultLocale":"de","locales":["de","de-DE","de-AT","de-CH"]},{"domain":"nl.playtoearngames.com","defaultLocale":"nl","locales":["nl-BE"]},{"domain":"tr.playtoearngames.com","defaultLocale":"tr"}]},"trailingSlash":true,"default":{"i18n":{"locales":["en","hi","fr","es","de","pt","nl","tr"],"localeDetection":false,"defaultLocale":"en","domains":[{"domain":"playtoearngames.com","defaultLocale":"en"},{"domain":"hi.playtoearngames.com","defaultLocale":"hi","locales":["hi-IN"]},{"domain":"fr.playtoearngames.com","defaultLocale":"fr","locales":["fr-BE","fr-CA"]},{"domain":"es.playtoearngames.com","defaultLocale":"es","locales":["es-GT","es-MX"]},{"domain":"pt.playtoearngames.com","defaultLocale":"pt","locales":["pt-BR"]},{"domain":"de.playtoearngames.com","defaultLocale":"de","locales":["de","de-DE","de-AT","de-CH"]},{"domain":"nl.playtoearngames.com","defaultLocale":"nl","locales":["nl-BE"]},{"domain":"tr.playtoearngames.com","defaultLocale":"tr"}]},"trailingSlash":true}}}}SEC Accuses Cumberland: Illicit Security Sales, Firm Responds - Play to Earn Games News
In a bold move, Chicago-based cryptocurrency market maker Cumberland is squaring off against the Securities and Exchange Commission (SEC). This confrontation stems from the SEC’s recent lawsuit alleging that Cumberland has been operating unlawfully as an unregistered dealer since March 2018, engaging in over $2 billion worth of crypto asset trades. Cumberland, however, is not backing down. In stark defiance, the firm has chosen not to alter its business practices, standing firm in the belief that its operations remain within legal bounds.
SEC's Accusations and Cumberland's Rebuttal
The SEC's claims against Cumberland suggest the firm has been buying and selling assets classified as securities without the necessary registrations. Specifically, the agency accuses Cumberland of dealing in securities through third-party exchanges under the guise of investment contracts since March 2018.
Cumberland, on the other hand, paints a different picture. The company refutes the SEC’s allegations, framing itself as a victim of what it perceives to be overreach by the regulators. Cumberland brings attention to its half-decade of engagement with the SEC, during which it claims to have provided extensive documentation and rationalizations for its transactions involving securities. According to Cumberland, this lawsuit marks the first instance of the SEC raising issues about these specific activities.
Registration and Regulatory Engagement
In 2019, possibly in a bid to align with regulatory expectations, Cumberland registered as a broker-dealer. This move was seemingly in concert with SEC Chair Gary Gensler's advice to entities involved in the cryptocurrency space to "just come in and register." Despite this, Cumberland now criticizes the SEC’s instruction for broker-dealer registration, highlighting a particular statement from the SEC that currently, such registration is expected only for those trading Bitcoin and Ethereum.
The situation has spurred discussions within the crypto community, with one enthusiast, MetaLawMan, highlighting on X (formerly Twitter) Cumberland’s significant potential to take on the SEC. The backing of DRW, Cumberland's parent company known for its successful 30-year trading history, could lend the firm considerable strength in its legal tussle with the agency. MetaLawMan’s post underscored the complexities and potential unintended consequences of the SEC’s invitations to the crypto industry for registration.
Cumberland's response to the SEC's enforcement action further cements its stance. The company asserts its dedication to regulatory compliance while challenging what it views as inconsistent regulatory postures by the SEC. Cumberland lambasted the regulatory body's guidance as a Catch-22, criticizing the seemingly impossible standards and murky guidelines for registration and compliance within the evolving landscape of cryptocurrency regulations.
The clash between Cumberland and the SEC is emblematic of broader tensions in the crypto industry, as firms navigate a regulatory environment that is still in flux. This case could set important precedents for how crypto businesses operate in the United States, influencing the future landscape of cryptocurrency regulation and enforcement.
Disclaimer: The information provided in this article is intended for informational and educational purposes only. It should not be considered financial or professional advice. This article does not endorse or guarantee the accuracy of any claims or statements made regarding legal or financial implications. Readers should exercise caution and consult with a professional advisor before acting on information presented in this article.