In an SIPC liquidation, the trustee has distributed all securities registered in customer name. After this distribution, a customer has a claim for $590,000 in securities and another $260,000 of cash (free credit balance). Which statement regarding SIPC coverage limits is TRUE?

A The customer is covered for the total amount of $850,000

B The customer is covered for $500,000 total, and becomes a general creditor for $350,000

C The customer is only covered for $500,000 of the securities; cash is not covered

D The customer is only covered for $250,000 of the cash; securities are not covered