The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Cumberland DRW LLC, alleging the Chicago-based crypto trading firm operated as an unregistered dealer in the cryptocurrency markets. According to the SEC, Cumberland has acted as an unregistered dealer since at least March 2018, conducting more than $2 billion in crypto asset transactions without proper registration. The regulator's complaint highlights that Cumberland traded a range of cryptocurrencies, including tokens such as Solana (SOL), Polygon (MATIC), and Algorand (ALGO), which the SEC considers securities. Cumberland, a subsidiary of DRW Holdings LLC and one of the most significant market makers in the crypto space, claims to be a liquidity provider and stated it does not plan to change its business operations, expressing readiness to defend itself against the charges. This is the first time the SEC has targeted a major over-the-counter (OTC) crypto trading firm, signaling that all crypto market participants are now in the regulator's crosshairs. The action represents an expansion of the SEC's ongoing crackdown on the digital assets industry.