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.

Coinbase Global Inc. is cooperating with the US Securities and Exchange Commission on an agency probe into its previously reported user metrics, the company said Thursday.