SEC continues Coinbase investigation over ‘verified users’: report

By: bitcoin ethereum news|2025/05/16 08:45:04
0
Share
copy
The SEC is continuing to investigate Coinbase over past statements about its user base, despite recent moves under President Trump to roll back crypto enforcement, The New York Times reported. According to four people familiar with the matter, the SEC inquiry centers on Coinbase’s past claims of having more than 100 million “verified users,” a figure prominently featured in its 2021 IPO filing. User number issues Regulators are examining whether that number may have misrepresented the scale of the company’s user base and misled investors. Coinbase stopped citing the metric in 2023, acknowledging it may have overstated unique users since individuals could register multiple accounts. Coinbase, which is working with law firm Davis Polk & Wardwell, says the investigation began under the Biden administration and should be closed. Chief legal officer Paul Grewal called it “a holdover investigation” and noted the company ceased using the metric over two years ago, according to the NYT. Still, the inquiry reflects how some SEC oversight has persisted even as the agency, now led by crypto-friendly Chair Paul Atkins, has dropped numerous enforcement actions, including a major lawsuit against Coinbase filed last year. The investigation comes as Coinbase gains institutional clout. The company was added to the S&P 500 this week, and CEO Brian Armstrong has become increasingly visible in Washington. In March, he attended a White House crypto summit, sitting just a few seats from President Trump. Coinbase also disclosed a data breach this week that could cost up to $400 million, according to an SEC filing. Source: https://crypto.news/sec-continues-coinbase-investigation-over-verified-users-report/

You may also like

Tiger Research: What AI services do cryptocurrency companies offer?

Cryptocurrency giants like Binance and Coinbase have fully launched an AI defense battle: Driven by FOMO sentiment, leading platforms are accelerating the deep integration of AI agents into core businesses such as trading, security, and payments.

The war not only drives up oil prices but also causes Circle's stock price to soar

High interest rate expectations combined with the explosive growth of stablecoin infrastructure have led to Circle's stock price doubling in five weeks against the trend: Understanding the dual game of "macro interest rate trading" and "global payment foundation" behind the surge in one article.

When agents become consumers, who will rewrite the underlying logic of internet commerce?

Thirty years ago, due to the high cost of micropayments, the internet had no choice but to adopt an advertising model. Today, the technical threshold for micropayments is nearly zero, but trust has become the most expensive luxury. Whoever can bridge this gap will dominate the next generation of int...

AI Agents in Action Summit: March 31, Hong Kong Cyberport, focusing on the deep waters of AI implementation

Tomorrow, Hong Kong Cyberport will grandly open. The "AI Agents in Action" summit gathers top experts, directly addressing the real evolution of AI Agents from conceptual celebration to productization and large-scale commercial implementation.

29 Days In, What Are America’s Options on Iran?

The key is not in ground invasion but in the combination of striking capability and governance.

Flash Crash Down 97%+ with Ongoing Unlocking, WLD Completes $65 Million Off-chain Funding: Who Is Still Buying?

In the current deep bear market environment, being able to complete multi-million dollar token trades is quite rare.

Popular coins

Latest Crypto News

Read more