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.

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. According to a New York Times report, the U.S. Securities and Exchange Commission (SEC) is investigating whether Coinbase overstated its user numbers in past filings and public statements.

The Securities and Exchange Commission has been investigating whether crypto exchange Coinbase Global (NASDAQ:COIN) misstated its user numbers in past financial statements, according to a media report.