The U.S. Securities and Exchange Commission (SEC) has served Coinbase with a Wells notice, a prelude to taking enforcement action against the company over potential "violations of the federal securities laws." Coinbase intends to put up a fight, according to its CEO. Meanwhile, the CEO of Tiktok, Shou Zi Chew, is expected to testify in front of Congress this morning. The stakes for the social media service are high, with concerns across the U.S. political spectrum. The app has engendered concerns across the U.S. political spectrum, including allegations concerning data security, user privacy and potential meddling by a foreign government. The Biden administration wants the app's parent company to sell it so that TikTok can have ownership in a different country under a different code of law. The Chinese Communist Party doesn't want it to sell.

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