> Actually this is another example of how regulation allows rent seeking rapacious incumbents like Coinbase to stay in business.

I fail to see how "this is an example". Care to elaborate?

Rent seeking is traditionally used when it comes to regulatory capture or certain types of actions by monopoly companies. CoinBase, although large, is not the only place nor has it built a moat with lobbyists+regulators friendly to it.

"Bu-bu-but it's too big to fail" (e.g. the banking crisis of 2008 and recent Equifax breach).