The U.S. Supreme Court granted cryptocurrency exchange Coinbase’s request on Friday, June 23, to halt customer lawsuits while it pursues appeals to have the disputes arbitrated in private.
It’s the first time a cryptocurrency company has presented arguments to the US Supreme Court.
The U.S. Supreme Court granted cryptocurrency exchange Coinbase’s request on Friday, June 23, to delay customer lawsuits while it pursues appeals to have the matters arbitrated privately, a procedure that many businesses prefer to go to court.
The decision, which was reached by a 5-4 margin, enables Coinbase to continue its quest to force arbitration in response to the class action complaint brought by a user who claimed that money was taken from his account by a fraudster. In the meanwhile, this halts the lawsuit’s progression through the federal court system.
Aside from the fact that Coinbase is one of the parties involved, the Supreme Court’s decision has no bearing on cryptocurrency-related matters. However, it’s the first time a crypto corporation has presented an argument before the US Supreme Court, and it might have an impact on further litigation brought against the crypto exchange. Coinbase could try to force arbitration again after Friday’s ruling.