Sec: US charges crypto executives for the first time in closer scrutiny

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San Francisco: As the United States tackles the unregulated cryptocurrency market, the Securities and Exchange Commission (SEC) has for the first time accused two crypto industry executives of illegally selling more $ 30 million worth of securities in unregistered offers.

The two executives of the Blockchain Credit Partners company used the Ethereum blockchain to sell cryptocurrencies to investors while deceiving them about the company’s profitability, reports The Verge.

“Full and honest disclosure remains the cornerstone of our securities laws, regardless of the technologies used to offer and sell these securities,” said Gurbir S. Grewal, director of the SEC’s enforcement division. , in a press release.

“This allows investors to make informed decisions and prevents issuers from misleading the public about business operations,” he added.

The accusations came as Joe Biden’s government is working on new regulations for the decentralized finance and cryptocurrency markets.

The bipartisan infrastructure bill has left cryptocurrency players furious in the United States.

The administration intends to pay $ 28 billion of its planned infrastructure spending by strengthening tax compliance in the historically under-regulated area of ​​digital currency, reports TechCrunch.

Crypto companies like Square, Coinbase, Ribbit Capital and others have warned of “financial oversight” and unintended impacts on cryptocurrency miners and developers.

The Electronic Frontier Foundation and Fight for the Future also criticized the bill.

It is not clear, however, how the cryptocurrency will perform under the new infrastructure bill.

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