12:31 PM EDT, 05/23/2024 (MT Newswires) -- The US Supreme Court ruled against Coinbase Global ( COIN ) in a jurisdiction case involving a contract dispute over its promotional Dogecoin sweepstakes.

Justice Ketanji Brown Jackson said in a unanimous opinion that a court must be the one to decide over the contract dispute, not an arbitrator.

Jackson said the cryptocurrency exchange platform operator's arguments were "unpersuasive" and dismissed the company's contention that the court's ruling would invite legal "chaos."

Coinbase did not immediately respond to MT Newswires' request for comment.

Coinbase shares slumped by nearly 2% in recent trading.

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