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IANAL but...

"the term “unlicensed money transmitting business” means a money transmitting business which affects interstate or foreign commerce in any manner or degree".

If you keep your trades to people within your state, I don't see how you'd be breaking the law here.

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I believe you to have a much narrower interpretation of interstate commerce than Uncle Sam does, but be that as it may, there are (at least) four parties to the transaction: you, your counterparty, your bank, and Coinbase. Do you think it is likely that all of them are in California and only California?

You're also picking at one thread of a regulatory tapestry. Even if you are successful, there are a lot more threads.

Have a look at Wickard v. Filburn

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