On Friday, 23 June, the U.S. Supreme Court endorsed cryptocurrency exchange Coinbase's request to postpone customer lawsuits while it pursues appeals to have the issues arbitrated privately.
It Marks the First Time a Crypto Company Argued Before the US High Court
On Friday, 23 June, the U.S. Supreme Court endorsed cryptocurrency exchange Coinbase's request to postpone customer lawsuits while it pursues appeals to have the issues arbitrated privately, which is a process that many companies prefer over going to court.
The ruling, which won a 5-4 majority, allows Coinbase to continue its effort to compel arbitration against the class action lawsuit filed by a user after his money was allegedly stolen by a scammer from his account. This halts the lawsuit's progress through the federal court system in the meantime.
The Supreme Court ruling doesn't touch on crypto issues beyond the fact that Coinbase is one of the parties involved. However, it marks the first time a crypto company argued before the US high court, and it may have implications on other lawsuits filed against the crypto exchange. After Friday's decision, Coinbase may continue attempting to compel arbitration.
