{"id":52957,"date":"2023-06-23T11:52:01","date_gmt":"2023-06-23T15:52:01","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=52957"},"modified":"2023-06-23T11:53:03","modified_gmt":"2023-06-23T15:53:03","slug":"coinbase-wins-consumer-lawsuit-ruling","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/coinbase-wins-consumer-lawsuit-ruling\/","title":{"rendered":"Coinbase Wins Consumer Lawsuit Ruling"},"content":{"rendered":"\n

Friday, the cryptocurrency exchange<\/a> Coinbase prevailed in its bid to transfer customer disputes into private arbitration.<\/p>\n\n\n\n

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Coinbase Wins Consumer Lawsuit Ruling<\/figcaption><\/figure>\n\n\n\n

Coinbase, the largest cryptocurrency exchange in the United States, prevailed in its bid to transfer customer disputes into private arbitration on Friday. In March 2023, the United States Supreme Court heard arguments from former exchange consumers regarding lost funds. The most recent court decision strengthened arbitration in the consumer dispute. In response to the ruling, Coinbase's stock price experienced a modest increase.<\/p>\n\n\n\n

A Coinbase customer, Abraham Bielski, reported losing $30,000 in a 2021 fraud attack. Bielski charged the exchange with violating the Electronic Funds Transfer Act.\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a><\/p>\n\n\n\n

Supreme Court Rules In Coinbase Favor<\/h2>\n\n\n\n

According to a Bloomberg report, the Supreme Court voted 5-4 in favor of the cryptocurrency exchange. Therefore, the customer disputes should be stayed and sent to arbitration. <\/p>\n\n\n\n

This follows the U.S. Securities and Exchange Commission's (SEC)<\/use><\/svg><\/span><\/a> lawsuit against the exchange, part of a new wave of anti-crypto lawsuits filed by regulators against crypto businesses. <\/p>\n\n\n\n

According to the report, business groups supported Coinbase's argument that litigation in court would add to the cost burden as opposed to opting for arbitration.<\/p>\n\n\n\n

In a recent ruling, the U.S. Court of Appeals for the Third Circuit ruled that the SEC must submit a report on crypto market clarity by October 11, 2023. This was a significant victory for the<\/p>\n","protected":false},"excerpt":{"rendered":"

Friday, the cryptocurrency exchange Coinbase prevailed in its bid to transfer customer disputes into private arbitration. Coinbase, the largest cryptocurrency exchange in the United States, prevailed in its bid to transfer customer disputes into private arbitration on Friday. In March 2023, the United States Supreme Court heard arguments from former exchange consumers regarding lost funds. […]<\/p>\n","protected":false},"author":53,"featured_media":52965,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32,21],"tags":[5371,5501,5580],"class_list":["post-52957","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-exchange-news","category-news","tag-bitcoin-2","tag-coinbase-2","tag-crypto-exchange-2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/06\/coinbase-2.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/52957","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/53"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=52957"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/52957\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/52965"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=52957"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=52957"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=52957"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}