Breaking: Coinbase Wins In US Supreme Court Consumer Lawsuit Ruling
Crypto Market News: Top United States based crypto exchange Coinbase on Friday emerged victorious in its attempt to move customer disputes into private arbitration process. Earlier in March 2023, CoinGape reported that the Supreme Court of the United States heard arguments from the exchange’s former customers about lost funds. The latest court ruling effectively reinforced arbitration in the consumer dispute. Meanwhile, the Coinbase Stock price saw a slight uptick in response to the ruling.
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Abraham Bielski, a Coinbase customer, claimed that he lost $30,000 in a 2021 fraudster attack. In this respect, Bielski accused the exchange of breaking the Electronic Funds Transfer Act.
Supreme Court Rules In Coinbase Favor
According to a Bloomberg report, the Supreme Court ruling came out in support of the crypto exchange with a 5-4 voting between the justices. Hence, the customer lawsuits should be put on hold, sending the case to arbitration. This comes after the U.S. Securities and Exchange Commission’s (SEC) lawsuit against the exchange, in a fresh round of anti-crypto lawsuits against the crypto businesses from regulators. Coinbase’s argument was supported by business groups, around the argument that litigation in court would add to cost burden as against going for arbitration, the report added.
Another major win came for the exchange recently as the US Court of Appeals for the Third Circuit as it maintained that the SEC should submit a report on crypto market clarity before October 11, 2023.
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