SEC Is Probing Coinbase Over User Number Misstatement Concern

The SEC has been investigating crypto exchange Coinbase (COIN) over whether it misstated its user numbers in past securities filings and marketing materials. The probe began under the former presidential administration while the SEC was still under the control of then-Chair Gary Gensler, according to the NYT, which first reported the story, but has persisted under the SEC’s current, crypto-friendly leadership.The metric at the heart of the investigation is Coinbase’s claim to have over 100 million “verified users.” It stopped using the metric in both disclosure and marketing materials in 2021, the year it went public on the Nasdaq source: https://www.coindesk.com/business/2025/05/15/sec-is-probing-coinbase-over-user-number-misstatement-concern