Coinbase loses Supreme Court case over Dogecoin dispute, stock drops
Release: 2024/05/24 02:09 Reading: 326
Crypto Exchange Coinbase Loses Supreme Court Case over Dogecoin Sweepstakes
In Coinbase, Inc. v. Suski, Coinbase consumers alleged that they were misled into paying $100 or more to enter a sweepstakes in June 2021 for a chance to win prizes of up to $1.2 million in Dogecoin (DOGE).
On Thursday, the Supreme Court ruled unanimously against Coinbase, stating that a court, not an arbitrator, should determine the appropriate jurisdiction for the dispute.
Coinbase Case Details
The plaintiffs in the case, including David Suski, entered a Coinbase sweepstakes in 2021. They claimed they were duped into paying $100 in Dogecoin to enter, and sued Coinbase and the sweepstakes management company for misleading app users.
Coinbase attempted to invoke an arbitration clause in its user agreement, but the district court and the Ninth Circuit interpreted the contractual documents to include the sweepstakes agreement, as reported by Axios.
Coinbase Ruling
Justice Ketanji Brown Jackson ruled that a court, not an arbitrator, should determine the appropriate jurisdiction for the dispute. In cases involving two conflicting contracts, Jackson emphasized that "a court needs to decide what the parties have agreed to."
Paul Grewal, Chief Legal Officer at Coinbase, responded to the ruling on Twitter, stating, "What a week. Some you win. Some you lose. We are grateful for having had the opportunity to present our case to the Court and appreciate the Court's consideration of this matter."
The ruling has minimal implications for the crypto industry, as it did not address any significant digital assets. Instead, it focused primarily on the issue of arbitration.
Market Reaction
Following the news, Coinbase's stock (COIN) price fell by more than 3.5% in mid-morning trading and is currently trading down 2.5%.
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