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Supreme Court Ruling Favors Against Coinbase in 2021 Dogecoin Sweepstakes Case

The Supreme Court of the US has officially ruled against Coinbase in a dispute regarding the Dogecoin sweepstakes. The court has determined that it should be a court, not arbitrators, who decide the outcome of this disagreement. The issue arose due to conflicting contracts between the parties, with one stating disputes should go to arbitration and the other specifying that sweepstakes-related disputes should be resolved in a California court. Coinbase had expressed concerns about potential chaos resulting from this ruling, but the Court has dismissed these worries.

Justice Ketanji Brown Jackson delivered the verdict, with Justice Neil Gorsuch noting that alternative facts could lead to a different outcome depending on the agreements made between both parties. This is not the first ruling in this case, as a previous decision in 2023 in the Coinbase Inc. versus Bielsk case had paused trial court proceedings until the arbitration issue was resolved.

The lawsuit stemmed from customer complaints of being deceived into paying $100 to enter the sweepstakes segment. Following the ruling against Coinbase, the company experienced a 3.5% drop in stock valuation. Despite this setback, Coinbase continues to operate normally, and recently resumed XRP trading on its platform in New York. XRP’s performance has been relatively stable following the announcement, experiencing minor fluctuations in the market.

Ripple and the Securities and Exchange Commission (SEC) may soon reach a settlement in their legal battle, potentially allowing Ripple to expand the offering of XRP on various exchange platforms. The verdict in the Coinbase and Dogecoin sweepstakes dispute has also impacted DOGE’s market performance, as the token has seen a slight decrease in value. Coinbase initially launched the sweepstakes promotion as a way to introduce Dogecoin to its platform, with customers able to participate by buying or selling Dogecoin or sending a handwritten card to the promoter.

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