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According to reports, the Supreme Court of the United States will hear the debate on the first cryptocurrency related case in history on Tuesday, when Coinbase\’s lawyers will try t

##Table of Contents

According to reports, the Supreme Court of the United States will hear the debate on the first cryptocurrency related case in history on Tuesday, when Coinbase’s lawyers will try to persuade nine judges to suspend two class action lawsuits against the trading platform (Bielski v. Coinbase and Suski v. Coinbase), respectively accusing the defendant of improper security measures leading to personal account hacking and advertising involving misleading consumers. （CoinDesk）

The US Supreme Court will hear encryption related cases for the first time on Tuesday

1. Introduction
2. Background on Coinbase
3. Bielski v. Coinbase Case
4. Suski v. Coinbase Case
5. Arguments from Both Sides
6. Potential Ramifications
7. Conclusion
#The Supreme Court of the United States Hears First Ever Cryptocurrency Case
On Tuesday, the Supreme Court of the United States began hearing the debate on the first ever cryptocurrency related case in history. Coinbase’s lawyers were charged with the responsibility of convincing nine judges to suspend two class action lawsuits against the trading platform. The two lawsuits in question, Bielski v. Coinbase and Suski v. Coinbase, accused the defendant of improper security measures leading to personal account hacking and advertising involving misleading consumers.
#Background on Coinbase
Coinbase is the largest cryptocurrency exchange platform in the United States, with over $90 billion in trades. Despite its success, the platform has been plagued by legal battles over the years. This latest case filed against Coinbase represents a historic moment in the cryptocurrency industry, as it has the potential of setting a precedent for any future cases that may come up.
#Bielski v. Coinbase Case
The first of the two class action lawsuits, Bielski v. Coinbase, was filed by Jeffrey Alexander Bielski in 2017. Bielski alleged that Coinbase did not employ adequate security measures, and as a result, thousands of customers’ personal information was compromised. He claimed that the platform’s negligence led to him losing control of his account, which resulted in unauthorized transactions.
#Suski v. Coinbase Case
The second class action lawsuit, Suski v. Coinbase, was filed by Timothy G. Suski in 2018. Suski alleged that Coinbase had misleading advertising practices that resulted in him losing money. He argued that Coinbase misled him into believing that purchasing bitcoin and other cryptocurrencies was secure and foolproof.
#Arguments from Both Sides
Coinbase’s lawyers argued that the two class action lawsuits were invalid because Coinbase’s user agreement required arbitration. They argued that the plaintiffs had agreed to settle any disputes through arbitration. Therefore, they should be prohibited from pursuing lawsuits in court.
On the other hand, Bielski and Suski argued that the arbitration clause found in Coinbase’s user agreement was invalid. They argued that the clause was buried in a lengthy user agreement, making it difficult for users to find and understand. They also contended that the arbitration clause was coercive, as it required users to waive their right to sue the platform without clear and conspicuous notification.
#Potential Ramifications
The outcome of this case will have potential ramifications on the entire cryptocurrency industry. If the Supreme Court rules against Coinbase, it could expose other exchanges to a slew of lawsuits concerning cyber security and advertising strategies. There is a chance that the court could interpret the arbitration clause in Coinbase’s user agreement as invalid, rendering it obsolete. This would be a significant outcome as many cryptocurrency exchanges have similar arbitration clauses in their user agreements.
#Conclusion
Tuesday marked a historic moment for the cryptocurrency industry as the Supreme Court of the United States heard the first ever cryptocurrency related case in history. Coinbase’s lawyers were charged with the responsibility of convincing nine judges to suspend two class action lawsuits against the trading platform. It will take some time before the court hands down a verdict. However, this case has the potential to set a precedent for the entire cryptocurrency industry.
#FAQs
1. What is Coinbase?
Coinbase is the largest cryptocurrency exchange platform in the United States, with over $90 billion in trades.
2. What are the charges in the Bielski v. Coinbase and Suski v. Coinbase case?
Bielski v. Coinbase accuses the defendant of improper security measures leading to personal account hacking, while Suski v. Coinbase accuses the defendant of advertising involving misleading consumers.
3. What are the potential ramifications of this case on the cryptocurrency industry?
If the Supreme Court rules against Coinbase, it could expose other exchanges to a slew of lawsuits concerning cyber security and advertising strategies.

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