SEC investigating whether Coinbase misstated its user numbers

Not long after President Donald Trump took office, Coinbase, the largest U.S. cryptocurrency exchange, got some good news: The Securities and Exchange Commission was dropping a lawsuit that had accused the company of illegally marketing digital currencies to the public.

But that case may not be the end of the company’s legal troubles.

The SEC has also been investigating whether Coinbase misstated its user numbers in past disclosures — an inquiry that began during the Biden administration and has continued under Trump, according to four people…