Is this an extremely convincing coinbase scam or actually legit?

So I just got this email from “Coinbase” (not sure if legit or not) and it LOOKS authentic and has no typical phishing tells like bad punctuation, language etc. Here is what it reads:

Coinbase has been required to migrate over to self custodial wallets as of 05/06/2024. To provide some clarity on this situation, a class action lawsuit was recently filed by a serial crypto litigator on behalf of its customers alleging Coinbase sells unregistered securities and operates as an unlicensed broker/dealer. We have come to an agreement that allowing users to be in charge of their own wallets is in the best interest of both parties, and will allow Coinbase to operate as a registered broker. You will still be able to purchase crypto currency through Coinbase, but all assets must be transferred over to Coinbase Wallet.

The unique recovery phrase provided in this email is your Coinbase Identity and will hold access to your funds. Write down this recovery phrase, and keep it safe. This recovery phrase will hold access to your assets. You can import your recovery phrase on Coinbase Wallet by entering each word followed by a space.

At this point, a 12 word recovery phrase is listed.

Then the following:

Step 1 Download the Coinbase Wallet on a mobile device as an app and/or download the Coinbase Wallet extension on a browser. Import the recovery phrase by selecting the option, "I already have a wallet". When importing the recovery phrase, enter each word followed by a space, in order from word 1 to word 12.

Step 2 For each asset you own, click on "Receive" within the wallet app/extension. Click on "Receive from Coinbase". Click on "Add crypto with Coinbase Pay". Transfer all your assets via Coinbase Pay.

This is where I get nervous

No time to wait: We advise our users to follow through with this integration as soon as possible. We have set a deadline for our users to integrate into their own self custodial wallets by 05/19/2024. After this deadline, Coinbase will not be held accountable for any lost assets.

So, is this actually occuring?. I would think that if this was an elaborate phishing scam, the scammer would have the 12 word phrase, but would they have access to my wallet if it was on my phone?

The deadline of 5/19 seemed suspicious to me, as is the fact that it listed today’s date as the date of required migration. I honestly don’t care if I need to keep my crypto in a wallet, but being required to move it within two weeks when I’ve kept it on coinbase forever seems suspicious as hell. Any help or insight would be greatly appreciated.