$Coinbase Global, Inc.(COIN)$ The likely outcome for Coinbase, despite receiving a Wells notice from the SEC regarding potential securities law violations, is that the company will continue to operate and adapt its strategies to address any regulatory concerns. Coinbase is seeking further regulatory clarity and remains confident in the legality of its assets and services. The company has already been diversifying its revenue streams, with non-trading revenues on the rise. In Q4 2022, subscription and services revenues accounted for nearly half of the company's net revenue and increased by 32.5% YoY. This diversification strategy could help Coinbase mitigate potential impacts from regulatory actions.