According to BlockBeats, on March 23, Coinbase co-founder and CEO Brian Armstrong said in a post that Coinbase received a "Wells Notice" from the U.S. Securities and Exchange Commission (SEC), focusing on pledge services and asset listings. Coinbase will continue to work with all officials and regulators around the world, and they are committed to developing clear rules to regulate the cryptocurrency industry. According to sources, the U.S. SEC has made a "preliminary decision" to recommend action against Coinbase. Potential civil lawsuits may involve measures such as injunction requests, cease and desist orders, or civil fines. BlockBeats Note: The "Wells Notice" is an informal reminder issued by the SEC to U.S. listed companies before civil lawsuits. Listed companies that receive the notice can communicate and negotiate with the SEC before receiving formal lawsuits. According to relevant U.S. laws, when the company received the "Wells Notice", the SEC officially launched a complete set of investigation and complaint procedures, which is also known as the Wells procedure.