The US Supreme Court has issued a ruling against Coinbase, determining that a court must decide the jurisdiction of its dispute over the Dogecoin sweepstakes. This means arbitrators will not be involved, leaving the matter solely to the court's jurisdiction.

The issue arose from conflicting contracts between both parties, with one contract stipulating arbitration for disputes and the other indicating that sweepstakes-related disputes should be resolved in a California court.

Coinbase argued that such a ruling would lead to chaos by challenging the arbitrator agreement, but the Court dismissed this concern, stating they do not foresee chaos resulting from the decision.

The ruling, delivered by Justice Ketanji Brown Jackson, underscores that alternative facts could sway the decision either way, depending on the agreements made by both parties. This isn't the first ruling in the case; a previous ruling in 2023, in the Coinbase Inc. versus Bielsk case, halted trial court proceedings until the arbitration question was resolved.

The case originated from customer complaints alleging they were deceived into paying $100 to enter the sweepstakes.

Coinbase's loss in this case impacted its stock valuation, with prices dropping over 3.5% in mid-day trading. Coinbase's Chief Legal Officer, Paul Grewal, expressed gratitude for the opportunity to present their case to the Court.

Despite the setback, Coinbase continues operations, as evidenced by the recent resumption of XRP trading on the platform, announced by Paul Grewal on X. The functionality is currently active in New York after being suspended during the SEC lawsuit against the company.

Meanwhile, Ripple and the SEC may soon reach a settlement, potentially expanding XRP's availability on various exchange platforms.

Regarding the Coinbase Dogecoin sweepstakes case, its implications may have affected DOGE's market performance, with a 2.19% decrease in the last 24 hours, trading at $0.1614.

The campaign, launched by Coinbase to welcome Dogecoin to the platform, encouraged customers to participate by buying or selling Dogecoin worth a hundred dollars or more between June 03 and June 10, 2021. Additionally, customers could enter by sending a handwritten card to the promoter, an option that was not adequately promoted.