After Coinbase, Circle (USDC) may receive Wells notice: Report

On Mar 23, 2023

X3 founder reminded the crypto community about his old tweet in which he mentioned that USDC issuer may receive Wells notice from the SEC agency.

X3 founder Andrew is a popular name in the crypto community. On behalf of the internal sources, Andrew keeps sharing all the market insider information with the community. In late Feb 2023, Andrew informed that the United States Securities and Exchange Commission (SEC) will send a Wells notice to the Coinbase exchange and USDC stablecoin issuer Circle.

UPDATE: The SEC and Gensler are coming for @coinbase and @circle focused on USDC.

**outstanding SEC subpoenas remain, coupled with Gensler’s clear and obvious messaging.

**sources expect another aggressive uptick in regulatory actions in March.
— Andrew (@AP_Abacus) February 26, 2023

Just a day ago, Coinbase received a Wells notice and Coinbase exchange CEO Brian Armstrong confirmed the news.

1/ Today Coinbase received a Wells notice from the SEC focused on staking and asset listings. A Wells notice typically precedes an enforcement action.
— Brian Armstrong (@brian_armstrong) March 22, 2023

Young South Koreans Turn to Cryptocurrencies Amid…

Apr 16, 2024

OKX jumps into a competition against Coinbase with a…

Apr 16, 2024

Elon Musk’s new meme on Dogecoin pumps trade…

Apr 16, 2024

Read the full report on SEC’s wells notice to Coinbase

Andrew quoted his old tweet and said that people should remain aware because March is still not over and in this way, Andrew indirectly claimed that Circle will soon receive Wells notice, as he already reported about this thing in Feb.

UPDATE: And there it is, Coinbase receives Wells Notice. Per @business.

**March isn’t over.
— Andrew (@AP_Abacus) March 22, 2023

So far no information provided by Andrew proved wrong, so here we may expect that Circle is going under an investigation by the SEC agency, but in future. A few experts said that we should not blindly consider future regulatory actions on behalf of the current Enforcement action on other crypto companies because Circle is already doing well in the crypto space, as the best crypto company.

Earlier this, BUSD & USDP stablecoins issuer Paxos trust received a Wells notice for the SEC agency in the first week of Feb 2023. On behalf of the Wells notice & order from the New York financial watchdog, Paxos stopped minting BUSD stablecoin & also terminated its partnership with the Binance Crypto exchange.