As I watch the total crypto market cap shoot through the roof over the past year, one thing I've been wondering is what will stop a global "bank run" on the exchanges when/if something like this does happen?

I was reading thru Coinbase's own insurance wording, and it's clear they dance around it by saying:

To the extent these funds are held as USD in U.S. banks, they are maintained as pooled custodial accounts at one or more banks insured by the FDIC. These pooled custodial accounts have pass-through FDIC insurance up to the per-depositor coverage limit then in place [1]

Which basically means, only Coinbase's holding accounts are covered for $250k, not our personal accounts. I can't imagine the US Gov stepping in to rescue US crypto account holders when/if it does tank, but it might be necessary if it balloons enough.

[1] https://help.coinbase.com/en/coinbase/other-topics/legal-pol...