There's a difference between offering "unregistered securities" (which is practically the very definition of a crypto exchange) and stealing user deposits. The

There's a difference between offering "unregistered securities" (which is practically the very definition of a crypto exchange) and stealing user deposits. The unfortunate reality, though, is that Coinbase depositors ARE unsecured creditors of Coinbase and may lose their deposits in the event of a bankruptcy. This is all spelled out in their quarterly filings. Not your keys, not your crypto as they say.