The SEC investigated Crypto Exchange Coinbase (Coin) to find out if it has resulted in its number of users in securities and previous marketing documents.
The investigation began under the former presidential administration while the SEC was still under the control of Gary Gensler at the time, according to the NYT, who first reported history, but persisted under the current current leadership of the SEC.
Metric at the heart of the survey is the pretension of Coinbase to have more than 100 million “verified users”. He ceased to use metrics both in disclosure and marketing equipment in 2021, the year he became a public on the NASDAQ.
Paul Grewal, the legal director of Coinbase, told Coindesk in a statement sent by email that the SEC investigation is a “investigation to maintain the previous administration on a metric that we stopped reporting two and a half years ago, which was fully disclosed to the public”.
“We have explained that the metric of verified users includes anyone who checked their email address or your phone number with us, so he can overestimate the number of unique customers,” said Grewal “we have also disclosed – and continue to disclose – the most relevant measurement of” monthly transactor users ” – the number of people who use our platform in a given month.”
“Although we firmly think that this investigation should not continue, we remain determined to work with the dry to put an end to this affair,” added Grewal.
The dry did not respond to the request for comments from Coindesk by the time of the press.
Already under pressure due to the current disclosure of a data violation, the actions of coins have a little further on this news in the SEC, now down 6.6% on the session.
