There are no loans directly involved in the functionality of the Coinbase Earn product, and staking-as-a-service is just that: an IT service, not a security.
We’ll time and this argument are a flat circle then.
I guess my final question is: do you think there is any risk to a user of those third party service providers going under and not returning capital (either due to slashing risk or normal business risk)?
>do you think there is any risk to a user of those third party service providers going under and not returning capital (either due to slashing risk or normal business risk)?
Of course, but it's more like an email provider going under and you losing your inbox than a bad mortgage (which isn't to say that it's exactly the same, because blockchain assets are practically treated as currency, but clearly doesn't map onto the traditional understanding of securitization).
