The title and content is severely misleading given the more important issues going on against coinbase at the moment. So, they prevailed against a user. Who cares? When do customers not beat their consumers in court?
The SEC vs. Coinbase. That's the real thing to keep eyes on. My bet is that coinbase will be gone by next year.
Topic: US Supreme Court Ruled in Favor of Coinbase - page 2. (Read 329 times)
Coinbase winning a legal battle in no less than the supreme court and against the lower courts in California will have significant implications.
Coinbase didn't win the case as such, because the supreme court didn't give any 'final' verdict on the matter, they have only ruled for the case to follow the correct proceedings, and that's for it to begin through arbitration, because that's the terms that every coinbase user agrees to before using their service.Rather than have to enter legal proceedings to your assets, store them securely in your address.
This is the "not your keys not your coins" umpteenth case. 
Rather than have to enter legal proceedings to your assets, store them securely in your address.
This is the "not your keys not your coins" umpteenth case.
"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.”
Be rest assured that the terms you agree to are meant to favour and protect this companies and not in your interest whatsoever. They now have the rights to seize your funds and in an event where you're a victim of their negligence you have to settle for arbitration which is less expensive for coinbase than the court.
Rather than have to enter legal proceedings to your assets, store them securely in your address.
Be rest assured that the terms you agree to are meant to favour and protect this companies and not in your interest whatsoever. They now have the rights to seize your funds and in an event where you're a victim of their negligence you have to settle for arbitration which is less expensive for coinbase than the court.
Rather than have to enter legal proceedings to your assets, store them securely in your address.
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Coinbase winning a legal battle in no less than the supreme court and against the lower courts in California will have significant implications.
Well, i do not think so, that winning this case will make any impact on the Market if that's what you mean by significant implications. Because, these cases are not new, and even when the SEC took hard actions against Coinbase, the Market did not become more volatile but became volatile when Binance was sued by SEC. The point is, it may not put significant implementations on the market/coin base. And, still, these exchanges will face more regulations but for the moment, i can say US authorities are in full favor of the crypto industry, it feels like they are the true adopter of crypto (hehe) which is not, well, we all will see what are there plans in making crypto so famous (in a positive way).
Any special reason why you have posted the thread here and not in the Legal section? Here it is supposed to get more exposure but being a bit technical I think it will soon be buried below many other threads that are easier to answer.
Going to the topic: as I understand it, the issue is that there is an arbitration system enabled to resolve disputes between customers and Coinbase and what the Supreme Court ruled is that the judicial actions have to wait for the arbitration verdict. If the customers act as plaintiffs and do not like the outcome of the arbitration they can file a lawsuit but later.
Arbitration is cheaper for companies than going to court, and as it is a preliminary step, I understand that if a certain percentage of customers see that they lose, they will think long and hard before going to court and possibly losing more money.
At first glance, it does not seem so important, except for what you read at the end of the first article:
Going to the topic: as I understand it, the issue is that there is an arbitration system enabled to resolve disputes between customers and Coinbase and what the Supreme Court ruled is that the judicial actions have to wait for the arbitration verdict. If the customers act as plaintiffs and do not like the outcome of the arbitration they can file a lawsuit but later.
Arbitration is cheaper for companies than going to court, and as it is a preliminary step, I understand that if a certain percentage of customers see that they lose, they will think long and hard before going to court and possibly losing more money.
At first glance, it does not seem so important, except for what you read at the end of the first article:
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The court’s decision affords Coinbase the same legal treatment typically given to all companies under the U.S. Federal Arbitration Act of 1925.
While this may not be as big of a deal as it seems, since this is the first time that the US supreme court rules on a case involving cryptocurrency, it's probably worth taking note. Coinbase winning a legal battle in no less than the supreme court and against the lower courts in California will have significant implications.
For a brief backgrounder, Coinbase faced a couple of cases in California involving a user who lost money and "deceptive advertising." Coinbase, then, argued that the cases be dismissed because it's part of the signed user agreement that such complaints be settled through arbitration. The request for arbitration was denied. Coinbase then appealed and requested that while the appeal is in progress the case proceedings be stopped. Once again, California’s district courts decided against Coinbase.
Coinbase ran to the supreme court. There, with a close 5-4 decision, Coinbase prevailed over the California district court's decisions.
Sources:
1. https://cointelegraph.com/news/us-supreme-court-halts-coinbase-cases-first-crypto-ruling
2. https://blockworks.co/news/coinbase-supreme-court-victory
For a brief backgrounder, Coinbase faced a couple of cases in California involving a user who lost money and "deceptive advertising." Coinbase, then, argued that the cases be dismissed because it's part of the signed user agreement that such complaints be settled through arbitration. The request for arbitration was denied. Coinbase then appealed and requested that while the appeal is in progress the case proceedings be stopped. Once again, California’s district courts decided against Coinbase.
Coinbase ran to the supreme court. There, with a close 5-4 decision, Coinbase prevailed over the California district court's decisions.
Sources:
1. https://cointelegraph.com/news/us-supreme-court-halts-coinbase-cases-first-crypto-ruling
2. https://blockworks.co/news/coinbase-supreme-court-victory
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