The SEC declined to comment on the investigation, but Coinbase told Barron’s in an email, “this is a hold-over investigation from the prior administration about a metric we st

The SEC is reportedly investigating Coinbase over claims it overstated user numbers in past filings — just days before its entry into the S&P 500.

The investigation began under former SEC Chair Gary Gensler and has continued under the current administration, according to the NYT, which first reported the story.