SEC concludes review of Coinbase disclosures after over 2 years, no amendments required

The Securities and Exchange Commission has concluded its multi-year reappraisal of Coinbase’s fiscal disclosures without requiring immoderate amendments oregon restatements, according to a missive released by the bureau and shared by the exchange’s Chief Legal Officer Paul Grewal.

In an April 15 societal media post, Grewal highlighted that the solution comes aft much than 2 years of engagement with the SEC’s Division of Corporation Finance.

He wrote:

“We’ve afloat resolved – without restatements oregon amendments – a fig of comments related to our disclosures.”

He added that Coinbase remains focused connected “bringing the adjacent cardinal onchain and gathering 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 reappraisal of the company’s Form 10-K filings for the fiscal years ending December 31, 2022, and 2023.

The missive stated:

“We punctual you that the institution and its absorption are liable for the accuracy and adequacy of their disclosures.”

The regulator further emphasized that the completion of the reappraisal does not represent a sign-off oregon endorsement of the filings.

The decision of the reappraisal marks the extremity of a prolonged remark process that began soon aft Coinbase went nationalist successful April 2021. The company’s operations and disclosures person remained nether regulatory scrutiny amid evolving standards for integer plus companies navigating US securities law.

It besides comes aft the regulatory scenery has shifted dramatically since President Donald Trump returned to bureau successful January. His medication has signaled a departure from the assertive enforcement-led attack championed by erstwhile SEC Chair Gary Gensler nether the erstwhile administration.

The regulator has already dismissed respective lawsuits against crypto firms, including its ineligible enactment against Coinbase, and is actively moving connected processing a regulatory framework for the manufacture nether its caller leadership.

The station SEC concludes reappraisal of Coinbase disclosures aft implicit 2 years, nary amendments required appeared archetypal connected CryptoSlate.