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What can be said that has not already?

It's like people saying, "I don't like the bank with their ridiculous paperwork so I will use a loan shark instead, he doesn't need paperwork"

Then the loan shark disappears/beats you up/asks for loads of interest etc. and you still want to complain to the police.

Most people hate regulators but they are there for a reason. What certifications does coinbase have to hold your millions of dollars of virtual currency?

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Coinbase is not an unregulated free-for-all. They are licensed in all 50 states, and is registered as an MSB with FinCEN.

https://www.coinbase.com/legal/licenses

MSB licenses mean basically nothing. Money transmitters are borderline unregulated, certainly depending on which state they obtained their licensing.

They were actually created as a much lighter weight framework to avoid the onerous regulation of an actual depository institution.

That page does not list all 50 states, just FYI.

states not listed: California, Hawaii, Indiana, Massachusetts, Missouri, Montana, Utah, Wisconsin, and Wyoming

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