Coinbase Global inc. in its recently released quarterly report disclosed on Wednesday that the US Securities and Exchange Commission is currently investigating its staking programs.
According to the report, “the Company has received investigative subpoenas and requests from the [U.S. Securities and Exchange Commission] for documents and information about certain customer programs, operations, and existing and intended future products, including the Company’s processes for listing assets, the classification of certain listed assets, its staking programs, and its stablecoin and yield-generating products.”
Coinbase staking programs allow users holding certain cryptocurrencies to earn some rewards, the program is usually offered by crypto exchanges to diversify revenue from trading that may drop during the bear market.
Staking programs accounted for 8.5% of Coinbase net revenue in its second quarter revenue, It fell 16% sequentially to $68.4 million during the quarter, less than the decline in trading revenue.
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Coinbase Under SEC’s Scrutiny
Coinbase has been under several investigations by the SEC, in May, Coinbase received a request from the SEC for information about its crypto listing process.
Also, Coinbase Global Inc. is presently under SEC investigation for trading unregistered securities on its exchange.
Currently, Coinbase is facing different legal cases on whether it provides all information about tokens available for trading on the exchange to its customers.
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