Coinbase and Huobi International Advisory Board Member Justin Solar have been indicted by the U.S. Securities and Change Fee (SEC) in current days.

Solar responded to the allegations on social media, saying the SEC allegations have been baseless and that he would proceed to construct a decentralized monetary system. Solar added that the SEC’s motion in opposition to him is simply the most recent instance of the company’s motion in opposition to a outstanding participant within the blockchain and crypto business.

The regulatory framework for digital property remains to be in its infancy and desires additional improvement, Solar mentioned. He mentioned he hopes to work with governments and regulators world wide to develop clear pointers to control the cryptocurrency business, which is important to this work.

Solar cited the instance of Dominica, which can undertake TRX and BTT as authorized tender, as a chance for collaboration and partnership.

The SEC has taken motion in opposition to a number of main cryptocurrency market gamers and establishments, together with Gemini, Genesis, Coinbase, and Kraken. Coinbase, a preferred cryptocurrency buying and selling platform, acquired a Wells discover from the SEC earlier at the moment. (A Wells discover is an off-the-cuff discover the SEC sends to firms earlier than they file a civil lawsuit in opposition to them, giving them the chance to barter with the company.)

Coinbase responded to the advisory by calling for clear and powerful cryptocurrency regulation. CEO Brian Armstrong reiterated his dedication to working with officers and regulators world wide to create clear guidelines for the cryptocurrency business.

The costs in opposition to Coinbase and Solar mirror a broader push by the SEC to determine clearer regulatory pointers for digital property. The company has been taking a look at find out how to regulate the nascent crypto business that has grown quickly in recent times. Critics of the SEC’s strategy say the company’s present regulatory framework is unclear and stifles innovation within the business.

Coinbase and Solar’s response to the allegations underscores the necessity for better transparency and readability in cryptocurrency regulation. Because the business continues to develop and mature, regulators world wide could have to work collectively to develop clear pointers for digital property.