The SEC’s investigation into Coinbase’s IPO reportedly began during Gary Gensler’s tenure as chair and has continued under Trump-appointed Paul Atkins, who is seen as more crypto-friendly

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The investigation began under former SEC Chair Gary Gensler and has continued under the current administration, according to the NYT
The inquiry reportedly began under President Joe Biden and has continued into the more industry-friendly administration of President Donald Trump
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.