Coinbase discloses ‘uncertain, potential impact’ of SEC subpoenas Coinbase discloses ‘uncertain, potential impact’ of SEC subpoenas
Coinbase's disclosed 10-K filing showed a note to investors on the uncertainty of ongoing SEC investigations.
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Updated: Feb. 23, 2023 at 11:43 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Coinbase disclosed outstanding SEC subpoenas per Twitter account @AP_Abacus.
The crypto exchange filed its 10-K annual report for the fiscal year ending December 31, 2022, on Feb. 21.
@AP_Abacus noted that the 10-K filing included details of outstanding SEC subpoenas. Referring to the notes on the consolidated statement, @AP_Abacus quoted:
“Based on the ongoing nature of these matters, the outcomes remain uncertain and the Company cannot estimate the potential impact, if any, on its business or financial statements at this time.”
These matters relate to “certain customer programs, operations, and existing and intended future products.” Specifically, the filing mentioned token listing processes, the staking program, and stablecoin and yield generation products.
The company does not believe the matter will have any “material, adverse effect” on overall operations. However, the exchange still cautioned investors that the potential impact could affect results for a particular period.
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Samuel Wan
Samuel Wan, a finance professional turned full-time crypto content creator, values individual autonomy and personal freedom in his pursuits.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
