Thursday’s revelations the US Securities and Exchange Commission was going after crypto market maker and liquidity provider Cumberland DRW did little to rattle prices.

While bellwether Bitcoin did briefly drop below $60,000 ahead of the news, the world’s largest crypto has since found a footing, CoinGecko data shows.

Perhaps it’s because there’s little to fear the SEC could win its case, Matt Hougan, chief investment officer at Bitwise, told Decrypt on Thursday.

“The crypto market has learned—from Ripple, Coinbase, Grayscale, and others—that well-funded companies have a pretty good chance if they are willing to argue with the SEC in court,” he said. “Cumberland has made it clear that they intend to fight these accusations. As such, I’m not surprised that the market has shrugged this off.”

On Thursday, the SEC charged the Chicago-headquartered crypto trading firm with various securities allegations. In its complaint, the regulator alleged Cumberland had traded “crypto assets that are offered and sold as investment contracts on third-party crypto asset exchanges.”

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Author: Sebastian Sinclair