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SEC investigating whether Coinbase misstated its user numbers

Economic Times

Economic Times · 3m ago

SEC investigating whether Coinbase misstated its user numbers

The SEC is investigating whether Coinbase misstated its user numbers, focusing on a metric cited in Coinbase's 2021 IPO, which claimed over 100 million verified users. This inquiry, initiated during the Biden administration, is a holdover from a previous SEC lawsuit, which was dropped. Coinbase has ceased citing this metric and has engaged law firm Davis Polk & Wardwell to assist. While Coinbase hopes to resolve the matter, the SEC continues its investigation.

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Related News

US regulator probes Twitter security lapse before Elon Musk took over: report

Economic Times

Economic Times · 1y ago

US regulator probes Twitter security lapse before Elon Musk took over: report

The US Securities and Exchange Commission (SEC) is reportedly investigating how Twitter handled a security lapse in 2018 that exposed personal user information prior to Elon Musk's acquisition of the social media platform. The inquiry is focused on whether former top executives, including Jack Dorsey, adequately disclosed the privacy issues or implemented sufficient controls. The breach allowed outsiders to access user email addresses during password resets, compromising user identities. Neither Twitter nor the SEC have commented on the matter.

Coinbase must face US securities regulator's lawsuit, says judge

Economic Times

Economic Times · 1y ago

Coinbase must face US securities regulator's lawsuit, says judge

A federal judge in Manhattan has ruled that the US Securities and Exchange Commission's (SEC) lawsuit against Coinbase, the largest cryptocurrency exchange in the US, can proceed. While the judge dismissed one claim made by the SEC, the decision largely supports the regulator's approach to cryptocurrency. This is seen as a partial win for Coinbase, but the company will still face a lengthy legal battle. The SEC alleges that Coinbase is violating its rules, claiming that the exchange is operating illegally as a national securities exchange without proper registration. Coinbase plans to continue fighting the SEC's claims.

Coinbase says SEC has agreed to dismiss case against it, pending commission approval

Economic Times

Economic Times · 6m ago

Coinbase says SEC has agreed to dismiss case against it, pending commission approval

Coinbase announced that the Securities and Exchange Commission (SEC) has agreed to dismiss its case against the platform, contingent on commission approval. This follows a lawsuit accusing Coinbase of operating as an unregistered securities platform. The announcement led to a 3% rise in Coinbase shares. Although the SEC has not confirmed this, the development aligns with a more lenient approach on cryptocurrency by the current administration. The crypto industry aims to strengthen its political influence.

The SEC’s crypto lawsuit against Coinbase can continue

The Verge

The Verge · 1y ago

The SEC’s crypto lawsuit against Coinbase can continue

US District Judge Katherine Polk Failla has ruled that the Securities and Exchange Commission (SEC) can continue its securities lawsuit against Coinbase. The judge stated that the SEC sufficiently argued that Coinbase operates as an exchange, broker, and clearing agency under federal securities laws. The judge rejected claims from the crypto community that existing laws are inadequate, emphasizing that the challenged transactions fall within the framework used to identify securities for years. However, she dismissed the SEC's claims against Coinbase's Wallet, stating that the SEC failed to demonstrate that Coinbase acts as a broker through its Wallet.

US SEC denies Coinbase petition for crypto rulemaking

Economic Times

Economic Times · 1y ago

US SEC denies Coinbase petition for crypto rulemaking

The US Securities and Exchange Commission (SEC) has rejected Coinbase's petition to create new rules for the cryptocurrency industry. Coinbase had sought to establish specific regulations for the sector, arguing that existing securities laws were insufficient. However, SEC Chair Gary Gensler disagreed and stated that current laws apply to the crypto securities markets. In response, Coinbase has sued the SEC, seeking a court order to prompt a response to its petition.

Elon Musk and the SEC are on a collision course again

Livemint

Livemint · 1y ago

Elon Musk and the SEC are on a collision course again

The Securities and Exchange Commission (SEC) is investigating Elon Musk for his late disclosure of Twitter stock purchases. Court documents reveal that Musk and his adviser may have ignored compliance with a rule that required him to disclose his ownership once it surpassed 5% of Twitter's shares. The testimony provided to the SEC suggests that Musk violated the rule to keep his trading secret and prevent Twitter's share price from rising while he was buying it. The SEC is investigating whether Musk committed civil fraud by delaying his disclosure or misleading the market about his plans.

Coinbase, SEC set to face off in federal court over regulator's crypto authority

Economic Times

Economic Times · 1y ago

Coinbase, SEC set to face off in federal court over regulator's crypto authority

Coinbase and the US Securities and Exchange Commission (SEC) are headed to federal court to determine the regulator's authority over cryptocurrencies. The case revolves around Coinbase's planned launch of a new lending product, which the SEC claims is a security and therefore falls under its jurisdiction. Coinbase argues that the product is not a security and that the SEC is overstepping its boundaries. The outcome of this case could have significant implications for the regulation of cryptocurrencies in the United States.

US SEC, Coinbase clash in court over crypto rulemaking

Economic Times

Economic Times · 11m ago

US SEC, Coinbase clash in court over crypto rulemaking

Coinbase and the U.S. Securities and Exchange Commission (SEC) faced off in court as the cryptocurrency exchange seeks to compel the agency to create new rules for digital assets. Coinbase filed a petition in 2022 requesting the SEC to clarify when a digital asset is considered a security and to create a new market structure compatible with cryptocurrencies. The SEC denied the petition in 2023, stating current regulations are sufficient for the crypto sector. Coinbase is now appealing the denial, arguing that the SEC's stance makes it impossible for the company to operate and comply with regulations. This dispute reflects the ongoing tension between the crypto industry and regulatory authorities.

SEC investigating whether OpenAI investors were misled

Livemint

Livemint · 1y ago

SEC investigating whether OpenAI investors were misled

The U.S. Securities and Exchange Commission (SEC) is investigating whether OpenAI misled its investors, focusing on internal communications from CEO Sam Altman. The SEC issued a subpoena to OpenAI in December and has requested internal records from former and current officials. This probe follows Altman's firing in November, with the board citing his lack of consistency in communication. OpenAI, a nonprofit with a for-profit arm including Microsoft as an investor, recently closed a tender offer valuing the company at over $80 billion. This investigation adds to the legal challenges that OpenAI is facing.

Coinbase says it's investigating issue on accounts showing zero balance

Economic Times

Economic Times · 1y ago

Coinbase says it's investigating issue on accounts showing zero balance

Crypto exchange Coinbase Global is investigating an issue causing some users to see zero balances and potential errors in transactions. The company reassured users that their assets are safe. This outage follows bitcoin hitting $60,000 for the first time in over two years, fueled by increased capital and anticipation of the upcoming halving event. Coinbase CEO Brian Armstrong attributed the issues to a surge in traffic. User reports of problems peaked at over 9,000 but have since reduced.

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