Tomorrow morning, the U.S. Supreme Court will hear its first ever crypto-related case, as lawyers for coinbase ask the justices to pause a pair of class action lawsuits against the exchange. cheyenneligon reports
have been tied to complaints about hacks and lax security, including Bielski’s, which alleged that Coinbase broke the law in failing to reimburse him for over $31,000 he lost after being targeted by a scammer posing as a PayPal representative.
The other case the Supreme Court will review on Tuesday, Suski v. Coinbase, concerns a million-dollar sweepstakes event the exchange held in June 2021. Suski and other customers say they were misled by advertising that suggested they needed to buy or sell $100 in dogecoin for a chance to win, when in reality, users who didn’t trade dogecoin were also eligible.
As the lawsuits continue to mount, Coinbase has been forced to play an increasingly-frantic game of legal whack-a-mole. If the exchange gets its desired outcome from the Supreme Court, future suits could be forced into arbitration – which makes it easier for Coinbase to deal with them. Though the case will not set a precedent in either direction for the most important issues facing crypto, it could have a significant impact on the emerging litigation landscape in the crypto sphere, and would have wide-ranging implications forThe Court will convene at 10:00 a.m. ET on Tuesday, and this case is the second on the docket for tomorrow. Oral arguments are expected to last 60 minutes.
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