Paul Grewal, chief legal officer of Coinbase, has publicly dismissed the SEC investigation as a holdover from the previous administration and stated the company was transparent about discontinuing the "verified users" metric over two years ago

Quotes that support claims

While we strongly believe this investigation should not continue, we remain committed to working with the SEC to bring this matter to a close,” Grewal added.

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.

This is a hold-over investigation from the prior administration about a metric we stopped reporting two and a half years ago, which was fully disclosed to the public," Paul Grewal, the crypto exchange's chief legal officer