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In September of last year the DFI informed Coinbase that it imposed a policy which would set Hawaii apart from nearly every other state in America and which will make it impossible for Coinbase to operate there: Coinbase and other digital currency businesses will be required to maintain cash reserves (or similar, liquid assets referred to as “permissible investments”) in an amount equal to the aggregate face value of digital currency funds held on behalf of customers. 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.
