> However, if the exchange itself goes under you SOL. Either your deposits are federally protected from failure of the institution, or not. It's as ridiculous

> However, if the exchange itself goes under you SOL. Either your deposits are federally protected from failure of the institution, or not. It's as ridiculous as me telling my credit card issuers that their loans to me are federally protected because I have an FDIC bank account. Nobody's worried about some bank going under, we're worried about the risk of trusting our money with a crypto exchange when so many have been Ponzi schemes. Waving around the terms FDIC- and SIPC-insured in a way that implies that it means something to the end consumer is, IMHO, the sign of a scammer.