In other words, if Coinbase holds one bitcoin for a Hawaii customer, the practical outcome of this policy will require Coinbase to also hold the equivalent cash value of that bitcoin, currently well over $1,000, as redundant collateral.
How Bad Policy Harms Coinbase Customers in Hawaii
Juan Suarez
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How does the fact the Federal government has declared bitcoin to be treated as a commodity affect this policy? It would seem to be at odds.

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