US Supreme Court halts Coinbase cases in its first crypto ruling

The United States Supreme Court decided in favor of cryptocurrency exchange Coinbase on June 23 in a partisan opinion that will halt court proceedings against the company in two California cases.

Coinbase asked the district courts overseeing the cases to dismiss them on the grounds that, per the company, users signed an agreement upon creating their accounts stating that such disputes would be handled through arbitration in lieu of lawsuits.“The sole question here is whether the district court must stay its pre-trial and trial proceedings while the interlocutory appeal is ongoing. The answer is yes: The district court must stay its proceedings.

California district courts will now kick both cases into arbitration, which is typically less costly for companies than arguing or settling cases through the courts. As the court wrote in its opinion, “When creating a Coinbase account, individuals agree to the terms in Coinbase’s User Agreement. As relevant here, the User Agreement contains an arbitration provision, which directs that disputes arising under the agreement be resolved through binding arbitration.”

Coinbase asked the district courts overseeing the cases to dismiss them on the grounds that, per the company, users signed an agreement upon creating their accounts stating that such disputes would be handled through arbitration in lieu of lawsuits.

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