Crypto holdings if Robinhood goes under?

So, if RH files bankruptcy, SIPC protects securities up to 250k. Crypto is not a security though, and isn’t covered by SIPC.

That being said, they don’t actually own any BTC- you’re essentially just trading off of its volatility.

So, what happens if Rh goes under and you hold crypto through them? Anyone know?

Thanks!

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