The problem is that there is no alternative statement for them to make. The disclosure of risks require them to be FDIC insured or state there is a risk of loss in bankruptcy, and given they don't have the option of FDIC insurance, they have to declare the risk. The problem is that coinbase don't have the choice to be insured, yet they get labelled as though they're yolo'ing it _whether they are or not_ because the FDIC don't insure the asset class they're trading.
Coinbase is insured. Crypto balances are insured against theft, and fiat balances are deposited into accounts that are then FDIC (or whatever is equivalent for other countries) insured.
