Fantastic, but I think its best to regulate fraudulent activities around the coins. Because in this present day, money laundering in the Cryptocurrency system have become a norm. That's why they brought this verification process in the site. It is best for all parties using coinbase and other recognized Cryptocurrency wallet.Ofcourse, you will lose your privacy and the Coinbase will know how much crypto you have. Tax authorities will know too. But then it is safe with you, someone else will not take it.