SEC concludes review of Coinbase disclosures after over 2 years, no amendments required
The Securities and Exchange Commission has concluded its multi-year review of Coinbase’s financial disclosures without requiring any amendments or restatements, according to a letter released by the agency and shared by the exchange’s Chief Legal Officer Paul Grewal.
In an April 15 social media post, Grewal highlighted that the resolution comes after more than two years of engagement with the SEC’s Division of Corporation Finance.
He wrote:
“We’ve fully resolved – without restatements or amendments – a number of comments related to our disclosures.”
He added that Coinbase remains focused on “bringing the next billion onchain and building world-class products.”
SEC letter
The letter, dated March 17, was addressed to Coinbase Chief Financial Officer Alesia Haas. It confirmed that the SEC had completed its review of the company’s Form 10-K filings for the fiscal years ending December 31, 2022, and 2023.
The letter stated:
“We remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures.”
The regulator further emphasized that the completion of the review does not constitute a sign-off or endorsement of the filings.
The conclusion of the review marks the end of a prolonged comment process that began shortly after Coinbase went public in April 2021. The company’s operations and disclosures have remained under regulatory scrutiny amid evolving standards for digital asset companies navigating US securities law.
It also comes after the regulatory landscape has shifted dramatically since President Donald Trump returned to office in January. His administration has signaled a departure from the aggressive enforcement-led approach championed by former SEC Chair Gary Gensler under the previous administration.
The regulator has already dismissed several lawsuits against crypto firms, including its legal action against Coinbase, and is actively working on developing a regulatory framework for the industry under its new leadership.
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