"Each Licensee is prohibited from selling, transferring, assigning, lending, hypothecating, pledging, or
otherwise using or encumbering assets, including Virtual Currency, stored, held, or maintained by, or under the
custody or control of, such Licensee on behalf of another Person except for the sale, transfer, or assignment of
such assets at the direction of such other Person. "

Gemini and Coinbase are prohibited from hypothecating or using anything it is in control, or anything it controls for its clients, except for at the the direction of the client" - the signee's are the ones who decided, and many openly disagree, but the wording is a little tricky legally speaking, because "what if clients disagree"