The Securities and Exchange Commission (SEC) is intensifying its scrutiny of Coinbase’s past user metrics practices, raising concerns about transparency in the crypto exchange’s operations. The probe focuses on whether Coinbase inflated user counts by including individuals who only verified their contact information. This investigation started under the previous administration and continues to linger unresolved. Coinbase has already taken steps to address this issue, shifting its reporting focus from ‘verified users’ to ‘monthly transacting users’ as a way to better reflect actual engagement levels. The company is cooperating with the SEC to reach a resolution.