Amazon Web Services is working to restore normal operations after a cooling system failure at a major data centre in Northern Virginia disrupted cloud services and affected platforms including Coinbase.

Coinbase (COIN.O), opens new tab said on Tuesday it will cut about 700 jobs, or about 14% of its global ​workforce, as part of a restructuring plan aimed at ‌reducing costs and repositioning the business for the artificial intelligence era.

Coinbase says a deal has been reached on a key provision in a major US crypto bill, potentially allowing long-delayed legislation to move forward.

The U.S. Senate Banking Committee has postponed a discussion on new cryptocurrency legislation after Coinbase CEO Brian Armstrong publicly opposed the bill.

Coinbase said at least 69,461 customers had personal and financial information stolen during a months-long data breach that it disclosed last week.