Companies in the Bitcoin and crypto sector have taken class action lawsuits against Google, Facebook and Twitter. This common recourse is the direct consequence of the advertising bans issued by these social media with regard to cryptocurrencies. Companies that feel aggrieved could be awarded up to $ 300 billion in damages if they were to succeed.
What do we specifically criticize Google, Facebook and Twitter for?
Since January 30, 2018, cryptocurrency ads are banned on Google, Facebook and Twitter. So we no longer hear about the Bitcoin (BTC), Ethereum (ETH) and other cryptocurrencies, in an advertising context. To protest the arbitrary decision, several companies and individuals linked to the cryptocurrency industry have started a legal battle. The law firm JPB Liberty who is based in Sydney took on the task of bringing their class action lawsuit to court.
These companies and individuals feel seriously wronged by the advertising ban unilaterally decided by the three social behemoths. To obtain redress, they therefore opted for the legal route and turned to the Federal Court of Australia. Apart from the support of their lawyers, they can count on legal provisions which plead in their favor.
What does Australian law provide in this case?
The most appropriate legal provision to apply to the current situation is Article 45 of the Competition and Consumer Law. It provides that the arrangements, understandings or concerted practices with the aim of reducing competition in a market are prohibited. However, certain factors are taken into account by the courts before the verdict:
- the existence or not of an agreement or concerted practice referred to in the law on competition and consumption;
- concerted practices guidelines;
- the relevant market;
- the possibility or not of reducing competition in this market;
- the different variants of anti-competitive behavior;
- the request for an authorization;
- the presence of relevant articles within competition and consumer law.
It is therefore in light of these various factors that the Australian courts will examine the complaints of companies and individuals. However, it should be noted that this class action is only brought against the Australian subsidiaries and parent companies of Google, Facebook and Twitter.
Even limited to Australia, claims in connection with this class action lawsuit could potentially total $ 600 million. But according to some estimates, in view of the ever-increasing number of plaintiffs, it could potentially very quickly rise by windfall effect to $ 300 billion, in the still hazardous hypothesis that the plaintiffs’ arguments are brought before a court of law. Justice.
In the crypto-bath since 2017, both far too late but far enough early from the point of view of my future grandchildren 🙂
Writer, Amateur trader, Ethereum and NEO-compatible