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.
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S.E.C. Investigating Whether Coinbase Misstated Its User Numbers
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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
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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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