Cryptocurrency exchange Coinbase has come under scrutiny from the U.S. Securities and Exchange Commission (SEC) as part of an ongoing investigation into potentially misleading user data filings. The investigation stems from a marketing metric that was dropped by the company over two years ago, according to reports from the New York Times. Coinbase CEO Paul Grewal stated that the inquiry dates back to the previous administration under both Presidents Biden and Trump, but has continued despite recent agency decisions to drop several other crypto-related cases. Coinbase is said to be cooperating with the SEC’s request to resolve this matter. The investigation comes at a time of uncertainty for the company after its recent inclusion in the S&P 500 stock index sparked renewed interest and a surge in trading volume, though it was also met by concerns over potential data breaches, which may now have resulted in an extortion attempt and significant financial repercussions. Coinbase has reported that user data was stolen in a recent attack, potentially resulting in losses of up to $400 million. Coinbase stock experienced a drop of over 6% on Thursday, May 15th as trading began.