The post Coinbase Loses Supreme Court Case Over Dogecoin Sweepstakes appeared on BitcoinEthereumNews.com.

In a unanimous decision, the U.S. Supreme Court ruled against Coinbase on Thursday in the crypto exchange’s latest dispute before the nation’s top legal venue.  The 9-0 ruling, however, did not address any of Coinbase’s crypto-related practices—nor is it likely to impact the hot-button issue of American crypto regulation.  Instead, the decision addressed a single bureaucratic element of Coinbase’s ongoing legal battle against a class-action group of disgruntled customers who accused the exchange in 2021 of employing false and misleading tactics in the promotion of a Dogecoin sweepstakes.  “Some you win. Some you lose,” Coinbase’s Chief Legal Officer Paul Grewal wrote on Twitter in response to today’s ruling. “We are grateful for having had the opportunity to present our case to the Court and appreciate the Court’s consideration of this matter.” Previously, the crypto exchange sought to settle the case via arbitration, citing user agreements that every Coinbase customer consents to in order to use the platform.  in November, however, that the terms of the sweepstakes in question—which named California’s court system as the proper forum for related disputes—superseded that customer agreement. A federal judge ruled All nine Supreme Court justices agreed today that a lower court should decide which of the two agreements should take precedence here, as opposed to ruling outright that the case should be settled in arbitration, as Coinbase desired.  “Basic legal principles establish the answer,” Justice Ketanji Brown Jackson wrote today in the Court’s opinion. “[Coinbase’s] arguments are unpersuasive.” The exchange had argued that if the Supreme Court ruled in favor of the lawsuit’s class-action plaintiffs, that ruling would unleash a torrent of legal disarray by encouraging other parties to wiggle out of arbitration agreements across the country.  “We do not believe that such chaos will follow,” Justice Jackson responded today. America’s largest crypto exchange…

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Filed under: News - @ May 24, 2024 7:14 pm