Coinbase reportedly shifted from “verified users” to “monthly transacting users” during the period when the SEC had begun examining its public disclosures, though the company attributes the change to internal business evaluation

Quotes that support claims

Coinbase stopped citing the metric in 2023, acknowledging it may have overstated unique users since individuals could register multiple accounts.

In a 2023 securities filing, Coinbase said it would begin disclosing “monthly transacting users” rather than the “verified users” statistic, arguing that the former was “not indicative of our overall performance”

The S.E.C. has also been investigating whether Coinbase misstated its user numbers in past disclosures — an inquiry that began during the Biden administration and has continued under Mr. Trump, according to four people familiar with it.