Crypto-Tuesday March 21, 2023 – The Supreme Court is set to hear arguments in its first case involving cryptocurrencies. The case involves Coinbase, one of the leading crypto exchanges, attempting to compel arbitration for a pair of class action lawsuits against it.
Abraham Bielski is suing Coinbase for $31,000 he lost after providing a scammer access to his account. Suski v. Coinbase concerns a million-dollar sweepstakes event hosted by Coinbase in 2021. In that case, plaintiffs allege they were misled.
The outcome of the case could have major implications for how Crypto companies can resolve disputes. As more class action lawsuits are filed against crypto ledgers, the Supreme Court’s decision in this case could have major ramifications.
Ripple vs SEC is also an important case reaching the end of litigation. We have covered this case in this space. The question before the court is whether XRP is a security, as the SEC alleges. If it is, Ripple violated the registration provisions of the Securities Act of 1933 and many other cryptocurrencies are also securities and subject to SEC regulation.
Attorney Steven A. Leahy reviews these cases on Today’s Tax Talk.
https://www.washingtonexaminer.com/policy/courts/supreme-court-takes-up-first-cryptocurrency-case
https://www.irs.gov/newsroom/irs-issues-guidance-seeks-comments-on-nonfungible-tokens
https://fortune.com/crypto/2023/03/21/ripple-xrp-sec-landmark-court-case-digital-assets/
Steven A. Leahy is a tax attorney in Illinois. He was the host of the long-running popular Radio Show “The IRS Radio Hour” heard every Sunday evening on AM 560 The Answer. Attorney Leahy is also the author of the book “Deal With Your IRS Problems Today!” You can get a FREE copy of this important book at FreeIRSBook.com. Or Call 24/7 (312)664-6649
