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As the US goes after the unregulated cryptocurrency market, the Securities and Exchange Commission (SEC) has for the first time charged two crypto industry executives of illegally selling over $30 million of securities in unregistered offerings.

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

"Full and honest disclosure remains the cornerstone of our securities laws -- no matter what technologies are used to offer and sell those securities," Gurbir S. Grewal, SEC Enforcement Division director, said in a statement.

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

The charges came as the Joe Biden government is working on new regulations for the decentralised finance and cryptocurrency markets.

The bipartisan infrastructure bill has left cryptocurrency players fuming in the US.

The administration intends to pay for $28 billion of its planned infrastructure spending by tightening tax compliance within the historically under-regulated arena of digital currency, reports TechCrunch.

Crypto companies like Square, Coinbase, Ribbit Capital and others have warned of "financial surveillance" and unintended impacts for cryptocurrency miners and developers.

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

It's, however, unclear how cryptocurrency will fare under the new infrastructure bill.