The crypto market structure bill has PASSED the Senate Banking Committee with a bi-partisan vote! Historic day for crypto and for the future of digital assets in America. Grateful for the countless hours from lawmakers and staff to strengthen this legislation. Big improvement from where we were in January on rewards, tokenization, DeFi, and CFTC authority. I'm proud we stood up for our customers in that moment, and the bill is better because of it. Looking forward to a bipartisan law that cements the US as the world's crypto capital. Let's get CLARITY done.

We experienced an outage at Coinbase last night, which is never acceptable. The root cause was a room overheating in an AWS datacenter when multiple chillers failed. We design our services to be redundant to downtime in any one AWS Availability Zone (AZ), and most of our systems worked this way last night, but not all. Our centralized exchange did not. Exchanges have unique architectures that optimize for latency and co-location of clients. It is possible to make exchanges resistant to AZ failures, but this can introduce latency delays that are not desirable along with breaking customer co-location. Given this incident, we'll revisit these tradeoffs to ensure we're giving you the best possible venue to trade. At a minimum, the duration of an outage should be able to be reduced considerably when an AZ move is needed. Thank you to the AWS and Coinbase teams for working through the night to mitigate the issue. We’ll share the detailed technical summary once it's ready.

On May 7th Coinbase experienced service disruptions. Here’s a quick summary of what happened: → Around 8PM ET, Coinbase systems flagged high error rates across multiple services. → We traced these errors to amazon failures in Availability Zone (use1-az4) in the AWS US-EAST-1 Region. → Coinbase systems are designed to be resilient to a single zone outage, and are designed to recover quickly if this happens. → In this case, we observed failures impacting multiple AWS zones, which caused an extended outage of core trading services. → Coinbase users experienced an extended outage while the AWS team worked to restore temperature controls and other Amazon Managed Services. This primary issue is now fully resolved - thank you for your patience. If you have any outstanding questions about your account, please reach out to Coinbase Support, we’re ready to help. Our team will conduct a full analysis. Details may change as our investigation progresses and more information is received from AWS’s official retrospective, once published.

Our markets will now move to auction mode. Customers can post limit orders and view the resulting indicative open price. The books will be in auction mode for a minimum of 10 minutes during which no matches will occur. Upon completion of the auction, crossed orders will be matched at the opening price.

Coinbase experienced service disruptions due to increased temperatures in the affected Availability Zone (use1-az4) in the AWS US-EAST-1 Region. We will begin the process to re-enable trading on our markets shortly. All markets would be placed in “Cancel Only” mode before we move to re-enable trading.

A simple rule: no legitimate support agent will ask for your password, recovery phrase, or verification code. If someone claiming to represent a company asks for them, it’s almost certainly a scam. More red flags to watch for:

Introducing Frosty, our AI-powered smart contract auditing tool that outperformed every other tool we evaluated. It runs in ~1-2 hours, can be 100x cheaper than a manual audit, and is now part of every smart contract review at Coinbase. Here's how we built it: