> continue to engage in serious violation of US security and trading laws So, I think this is an underappreciated point. Coinbase, to the best of my knowledge,

> continue to engage in serious violation of US security and trading laws So, I think this is an underappreciated point. Coinbase, to the best of my knowledge, does not engage in crimes that would send people behind bars. (edit to clarify: Coinbase employees occasionally do, and I believe some are facing jail time, but this does not seem to be something Coinbase is doing). They do engage in "crimes" that result in fines and other regulatory action. Why the scare quotes? Because the main way they commit these crimes is by taking laws/regulatory guidance that is vague, and pushing boundaries to see precisely where the boundaries are. This makes them like every other financial institution that wants to try something new, and the inevitable regulatory smackdowns they eventually get are just a cost of business. My understanding is that this basic structure is normal in finance, to the point where "regulation by enforcement" (as opposed to regulation by regulation, where you write out in advance what is and isn't allowed) is a meme, and Coinbase only really stands out by being in crypto, where there are a lot more unclear boundaries and therefore more opportunity to push them. tl;dr Violations of US security and trading laws are normal to some extent, and Coinbase generally stays within the "understood to be okay" standard, which is a lot looser than a "tries to never break laws" standard.