The SEC’s investigation has reportedly included outreach to former Coinbase employees and is grounded in the agency’s mandate to prevent misleading disclosures in investor filings

Quotes that support claims

Agency officials have contacted former Coinbase employees over the past few months, seeking information about the “verified user” figure, said the people familiar with the inquiry

The S.E.C. has a longstanding mission to make sure that public companies do not include misleading statements in regulatory filings that could influence an investor’s decision-making process.