Congressional Investigation into Coinbases ability to service accounts.
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Coinbase is a Digital Currency trading platform giving customers the ability to buy and sell Digital Currency on line and through their phones. Due to the fluctuations in digital currency the asset is extremely volatile. Coinbase customer service takes 48 to 72 hours to let locked out customers back in once locked out and it can be longer if there is any sort of problem. Their systems are routinely down leading to customers not being able to get back into their account for even longer. When this happens you have customers in a volatile asset at the mercy of Coinbase to let them back in while their account value can wildly fluctuate.
This petition hopes to solve the problems Coinbase has in servicing accounts, and not have customers locked into a volatile asset for any longer then it would take a Brokerage or a Bank of this size to service a customers account.
THIS IS A PETITION TO CALL FOR SPECIAL COUNSEL TO CONDUCT A COMPLETE AND THROUGH IMPARTIAL, BIPARTISAN INVESTIGATION INTO COINBASE ON THE FOLLOWING MATTERS:
1) The ability for Coinbase to service accounts in a timely manner.
2) The average length of time a Coinbase customer is locked out of their account for any reason, and the length of time it took for Coinbase customer service to get them back into their account.
3) Coinbase boasts 50B+ in Digital Currency exchanged, and 10m+ Customers served. Do they have the infrastructure to handle such large volumes of customers and transaction and resolve problems within a reasonable amount of time?
4) What is a reasonable amount of time for a customer of Coinbase to be locked out of their account? Especially one that fluctuates so wildly.
5) Is it just company growing pains or negligence by Coinbase by not providing the infrastructure for customers to get back into their accounts in a timely fashion, and still accepting new accounts making the problem worse.
6) If it is decided to be negligence. is Coinbase responsible in any way for losses incurred by customers who where unable to get back into their account due to low staffing, long wait times, systems being down, and not being able to resolve issues in a timely fashion. All while accepting new customers.
Possible solutions: A cap on accounts Coinbase can open until they can service accounts in a timely fashion (A metric can be used based on historical fluctuation). A hard limit on the length of time a customer can be locked out of their account. Backup systems for when their vital systems have outages. Not having Coinbase and GDAX connected, so if you are locked out of one you can still trade on the other.
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