Ok so it’s Coinbase’s coins now. Yes there’s a plethora of issues that can happen here. Who is responsible if the coins are lost? And, more importantly, what if Coinbase has a boating accident? I guess you can get my point, it feels like either coinbase is becoming a state’s asset holder, or the state trusting them can lead to serious financial consequences.
Depending on how it will happen, for sure there’s a contract between parties. Since Coinbase is just the custodian, if there’s negligence then it’s their responsibility. As a custodian they only act based on the order of the government, and so far there’s no news of a breach, so i think it’s safe.
And since it was in 2024, afterward there was an executive order in March 2025 where Bitcoin will become part of the strategic reserve. So that amount of over $20 billion will probably return and not just sit for safekeeping, and that’s why Congress demanded that Treasury should take custody of it.