The 2008 financial crisis centered on public companies that were nominally heavily regulated. As long as Coinbase's liquidity depends on a synthetic safe asset rather than actual insured deposits, it's perfectly capable of having its own Lehman or Bear or Merrill moment.

How soon we forget companies like Robinhood that trade on the real dollar stock market did precisely that--disabled bank transfers, put in strict limits, etc.--during the GameStop/wallstreetbets fiasco a few years ago and they got away without any warnings, harm or investigation.