Coinbase requests US Supreme Court intervention to stop ‘frivolous cases’

Coinbase wants the U.S. Supreme Court to stay two lawsuits against the company to give room for arbitration. report August 3.

The two lawsuits are currently pending in federal court, and a judge has dismissed the exchange’s move to arbitrate the cases.

Coinbase plans to appeal this decision, arguing that its user agreement first requires arbitration. But we hope the Supreme Court will stay the case while we pursue an appeal.

According to Crypto-Fir, all court proceedings should automatically stop if one of the parties appeals to have the case submitted to arbitration.

The final outcome of the Supreme Court ruling and appeal could seriously affect the status of the arbitration clause in the company’s user agreements.

lawsuit

The two cases are Suski v. Coinbase 22A92 and Bielski v. Coinbase 22A91. Suski accuses Coinbase of misleading traders at his $1.2 million sweepstakes event for Dogecoin (DOGE).

According to complainants, the exchange did not provide sufficient disclosure that non-trading users could also participate in the event.

Meanwhile, Abraham Bielski is suing the company for failing to provide adequate help when scammers lost $31,000 to gain access to his Coinbase account.

He accused the company of violating electronic funds transfer laws and regulations.

Both plaintiffs are seeking to file a class action lawsuit that the company wants to avoid.

Meanwhile, Coinbase is under investigation by the Securities and Exchange Commission (SEC) for listing unregistered securities. The cryptocurrency exchange strongly denies this claim.

Its stock price is Rose Above It has gained 20.20% to $80.81 in the last 24 hours.