> The US government is extremely unlikely to bail out Coinbase. Part of Coinbase's implicit strategy is to become the "too big to fail" of the crypto space. An

> The US government is extremely unlikely to bail out Coinbase. Part of Coinbase's implicit strategy is to become the "too big to fail" of the crypto space. And if its collapse would threaten to destabilize the broader financial system, the US gov absolutely would bail it out. We've not reached that point yet (and hopefully never will), but it's important to understand the play here.