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Breaking: Coinbase Wins In US Supreme Court Consumer Lawsuit Ruling

Crypto exchange Coinbase on Friday emerged victorious in its attempt to move customer disputes into private arbitration process.
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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.

Also Read: LUNC News: Terra Classic Dev Teams Proceeds For USTC Repeg To Revive Price To $1

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.

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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.

Also Read: Will US SEC Halt Crypto Enforcement Over IMF Advisory?

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Anvesh Reddy

Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at anvesh@coingape.com or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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