This is a formal filing with the SEC [1]. Companies are either incentivized or outright mandated to disclose every possible risk, even those which are highly improbable. In this case, due to new regulations that directly affect Coinbase, customers' claims in a Coinbase bankruptcy are clarified. Also, some implications for the accounting thereof. Coinbase is not a bank, and assets of customers are not insured. Thus, customers would probably not be made whole in the event of a bankruptcy. Coinbase says it is possible that these facts could harm business if current or potential customers find this risk sufficient to reduce, halt, or not start doing business with Coinbase.

The filing says nothing about how probable a bankruptcy is, but Brian Armstrong, Coinbase CEO, has given his perspective on this topic here: [2] Here is the lede: "We have no risk of bankruptcy."

[1] https://d18rn0p25nwr6d.cloudfront.net/CIK-0001679788/89c60d8...

[2] https://twitter.com/brian_armstrong/status/15242334800407101...