Coinbase Review by SEC Concluded
In a significant development for Coinbase, the U.S. Securities and Exchange Commission (SEC) has concluded its lengthy examination of the cryptocurrency exchange’s financial statements. For over two years, the SEC scrutinized Coinbase’s fiscal disclosures without mandating any amendments or restatements, according to information reported by Cryptoslate.
Details of the SEC’s Findings
The conclusion of this review process was disclosed in a letter from the SEC to Coinbase, which was shared by Paul Grewal, the company’s Chief Legal Officer. In a post on social media dated April 15, Grewal highlighted that the resolution came after extensive interactions with the SEC’s corporate finance division.
The SEC’s correspondence, dated March 17 and addressed to Alesia Haas, the Chief Financial Officer of Coinbase, confirmed the completion of their evaluation regarding the Form 10-K submissions for the fiscal years that concluded on December 31, 2022, and December 31, 2023. It’s important to note, however, that the SEC’s letter also reiterated that while the review has finished, it does not imply any endorsement or approval of the filings by the agency.
Key Responsibilities and Future Implications
Furthermore, it reminded Coinbase’s management of their responsibility to ensure the truthfulness and comprehensiveness of the shared information.
This marks a pivotal moment for Coinbase, symbolizing the end of an extensive review period that commenced soon after the company went public in April 2021.
