The Block cited sources as saying that Coinbase has sent emails to some customers stating that they have received a subpoena from the US regulatory agency CFTC regarding Bybit. In the email, Coinbase stated: "You do not need to take any action, but Coinbase may respond to the subpoena unless a motion to quash is served or other opposition is made to the subpoena served on the court before November 30, 2023, including sending information about your Coinbase account to the Commodity Futures Trading Commission." According to its enforcement manual, the CFTC has certain powers to investigate, including through voluntary statements and subpoenas. In an article in May, Coinbase stated that US law requires Coinbase to collect information, including matters related to subpoenas.