01:19 PM EDT, 05/23/2024 (MT Newswires) -- (Updates with company chief legal officer's comment in fourth paragraph)

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 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."

"What a week. Some you win. Some you lose. We are grateful for having had the opportunity to present our case to the Court and appreciate the Court's consideration of this matter," Paul Grewal, Coinbase chief legal officer, said in a post on social media platform X.

Coinbase shares fell 2.1% in recent trading Thursday.

Price: 226.73, Change: -4.78, Percent Change: -2.06