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.

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 declined to comment on the investigation, but Coinbase told Barron’s in an email, “this is a hold-over investigation from the prior administration about a metric we st