SEC Intensifies Coinbase Investigation – Latest cryptocurrency news

By: bitcoin ethereum news|2025/05/16 09:45:05

The Securities and Exchange Commission (SEC) continues its in-depth investigation into Coinbase, despite a general dismissal of cryptocurrency-related cases not involving fraud. A significant revelation from the New York Times has confirmed that the probe, initiated under the current administration, remains active. The inquiry centers on allegations of possible misrepresentation in user numbers by the cryptocurrency exchange, suggesting potential discrepancies that have caught the regulatory body’s attention. What Are the Claims About User Numbers? The core of the SEC’s investigation revolves around Coinbase’s “over 100 million verified users” claim, which was prominently featured in the exchange’s 2021 IPO documents. The SEC questions the authenticity of this declared figure, suspecting it may have been inflated. Notably, Coinbase has ceased advertising this statistic as of 2023, fueling further scrutiny. How Will This Impact Future Crypto Policies? Coinbase’s Chief Legal Officer, Paul Grewal, shared insights on the ongoing examination, which was initiated during the current administration. According to Grewal, the figure in question has not been updated in years, yet the inquiry persists. Nonetheless, he pledges cooperation with the SEC to conclude the matter expediently. The SEC aims to resolve all non-fraud related cryptocurrency cases swiftly. The ongoing examination into Coinbase may reveal discrepancies, particularly concerning user number claims. Such findings could lead to penalties if proven misleading, reflecting broader regulatory expectations even beyond the cryptocurrency sector. Insider sources divulge that the investigation seeks detailed information on Coinbase’s user count. If inconsistency is verified, Coinbase might face financial repercussions. This emphasizes the broader regulatory landscape, aligning with the scrutiny faced by other sectors with misleading figures. Notably, this investigation does not indicate a shift in the cryptocurrency policies initially seen under the Trump administration. Even with potential political changes, misrepresentations will continue to be examined critically. Unlike previous strategies, future enforcement seeks clearer rules rather than industry exclusions, offering a different approach to regulatory challenges. • The credibility of Coinbase’s user numbers is under threat, as the SEC questions potential discrepancies. • The outcome of the investigation may set precedents for handling deceptive claims across various financial sectors. • Possible penalties may result if Coinbase’s disclosed figures are found to be misleading, affecting the exchange’s credibility. The current investigative trajectory underscores the SEC’s vigilance in enforcing transparency and accountability within the rapidly evolving cryptocurrency landscape. Adjustments to this approach might reflect broader regulatory aims that seek balance between fostering innovation and ensuring corporate integrity. Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research. Source: https://en.bitcoinhaber.net/sec-intensifies-coinbase-investigation

The privacy-focused crypto wallet Mixin announced today the launch of its U-based perpetual contract (a derivative priced in USDT). Unlike traditional exchanges, Mixin has taken a new approach by "liberating" derivative trading from isolated matching engines and embedding it into the instant messaging environment.

Users can directly open positions within the app with leverage of up to 200x, while sharing positions, discussing strategies, and copy trading within private communities. Trading, social interaction, and asset management are integrated into the same interface.

Simplified Trading Experience: No KYC Required, Opening a Position in Five Steps

Based on its non-custodial architecture, Mixin has eliminated friction from the traditional onboarding process, allowing users to participate in perpetual contract trading without identity verification.

The trading process has been streamlined into five steps:

· Choose the trading asset

· Select long or short

· Input position size and leverage

· Confirm order details

· Confirm and open the position

The interface provides real-time visualization of price, position, and profit and loss (PnL), allowing users to complete trades without switching between multiple modules.

Social-Native Trading: Strategy and Execution Completed in the Same Context

Mixin has directly integrated social features into the derivative trading environment. Users can create private trading communities and interact around real-time positions:

· End-to-end encrypted private groups supporting up to 1024 members

· End-to-end encrypted voice communication

· One-click position sharing

· One-click trade copying

On the execution side, Mixin aggregates liquidity from multiple sources and accesses decentralized protocol and external market liquidity through a unified trading interface.

By combining social interaction with trade execution, Mixin enables users to collaborate, share, and execute trading strategies instantly within the same environment.

Referral Mechanism: Non-institutional users can receive up to 60% fee split

Mixin has also introduced a referral incentive system based on trading behavior:

· Users can join with an invite code

· Up to 60% of trading fees as referral rewards

· Incentive mechanism designed for long-term, sustainable earnings

This model aims to drive user-driven network expansion and organic growth.

Self-Custody Architecture and Built-in Privacy Mechanism

Mixin's derivative transactions are built on top of its existing self-custody wallet infrastructure, with core features including:

· Separation of transaction account and asset storage

· User full control over assets

· Platform does not custody user funds

· Built-in privacy mechanisms to reduce data exposure

The system aims to strike a balance between transaction efficiency, asset security, and privacy protection.

A New Path for On-Chain Derivatives

Against the background of perpetual contracts becoming a mainstream trading tool, Mixin is exploring a different development direction by lowering barriers, enhancing social and privacy attributes.

The platform does not only view transactions as execution actions but positions them as a networked activity: transactions have social attributes, strategies can be shared, and relationships between individuals also become part of the financial system.

Regulatory Background

Mixin's design is based on a user-initiated, user-controlled model. The platform neither custodies assets nor executes transactions on behalf of users.

This model aligns with a statement issued by the U.S. Securities and Exchange Commission (SEC) on April 13, 2026, titled "Staff Statement on Whether Partial User Interface Used in Preparing Cryptocurrency Securities Transactions May Require Broker-Dealer Registration."

The statement indicates that, under the premise where transactions are entirely initiated and controlled by users, non-custodial service providers that offer neutral interfaces may not need to register as broker-dealers or exchanges.

About Mixin

Mixin is a decentralized, self-custodial privacy wallet designed to provide secure and efficient digital asset management services.

Its core capabilities include:

· Aggregation: integrating multi-chain assets and routing between different transaction paths to simplify user operations

· High liquidity access: connecting to various liquidity sources, including decentralized protocols and external markets

· Decentralization: achieving full user control over assets without relying on custodial intermediaries

· Privacy protection: safeguarding assets and data through MPC, CryptoNote, and end-to-end encrypted communication

Mixin has been in operation for over 8 years, supporting over 40 blockchains and more than 10,000 assets, with a global user base exceeding 10 million and an on-chain self-custodied asset scale of over $1 billion.

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Mixin has launched USTD-margined perpetual contracts, bringing derivative trading into the chat scene.