Chicago -based cryptocurrency trading company Kimberland DRW has announced that the US Securities and Exchange Commission (SEC) will withdraw its case against the company.
In a post on March 4, Kimberland revealed, “We have signed a joint filing with the SEC today and will withdraw the case against Kimberland DRW.”
On February 20, legal action between Cambland DRW and SEC staff was reached, and is currently awaiting official approval by the SEC.
The SEC has continued to withdraw cryptocurrency legalism. So far, the SEC has prosecuted the consensus of the Cryptoconnery Exchange Coin Base, Craft, and Cryptoconnery Company.
It was also recently announced that non -alternative token (NFT) companies investigations have been completed by Yogalab, Openia, Cryptocurrency Exchange Jemani and UNISVAP.
“We would like to continue our dialogue with the SEC to build a future where the explanation of technological innovation and regulations is in line,” Camberland commented.
SEC Lawyers and denial of Kimberland
The SEC filed a lawsuit against Kimberland DRW on October 10, 2023, claiming that the company was engaged in a cryptocurrency transaction of more than $ 2 billion as an unregistered security dealer.
According to the SEC, Kimberland has been operating as an unregistered dealer since March 2018, who buys and sells crypto currencies considered securities.
The SEC considered the five crypto currencies handled by Cambland: Polygon (Pool), Solana (Civil), Cosmos (Aurland), and File Coin (File) as securities.
The SEC sought permanent order, the return of the benefits of fraud, collectively interest -related interest and urban penalties from Kimberland.
Meanwhile, Kimberland was registered as a dealer broker in 2019 and denied that “it was filed despite five years of sincere dialogue.” It claims that the latest target of the SEC’s “first approach to suppress innovation” has been the target.
