Crypt censorship is a real problem and therefore the industry has decided to sue Google, Facebook and Twitter for banning crypt advertising which could cost the giants $300 billion.
Yes, a law firm has decided to sue all three giants and anyone affected can participate.
The Twitter hacker was a Bitcoiner?
Since their inception, crypts have been censored by social networks and technological giants, under the argument associated with the risks inherent in them.
In fact, since 2018, Facebook has decided to ban advertising for crypto currencies on its platform. Certainly we must remember that this was a time when the ICOs had become popular and fraud was the norm of the day.
Likewise, in 2018, Google also decided to ban crypto coin ads along with Twitter. Meanwhile, recently many YouTube users have claimed to have seen possibly misleading ads on the platform linked to crypto currencies.
Facebook reconsiders and removes restriction on crypto currencies but will continue to ban ICO advertising
Beyond debating whether or not crypt censorship is appropriate, the class action is being prepared by a law firm called JPB Liberty based in Sydney, Australia.
The case has been submitted to a senior lawyer for review and funding is pending for filing. But, it is worth mentioning that, so far, the case has already attracted litigants with US$600 million in claims.
In addition, JPB Liberty is organizing funding for this case from institutional venture capitalists and other ideologically aligned investors. As such, the plaintiffs would get 70% of the eventual settlement (or damages) and the funders would get 30%.
Analyzing the demand
However, the question is: What is the justification for the demand? Okay, remember that both platforms banned the advertising of crypts in 2018, as the plaintiffs claim that their businesses were harmed when the three companies „colluded“.
Accordingly, under that argument, they cite Section 45 of Australia’s Competition and Consumer Act which prohibits any „agreement, understanding or concerted practice that has the purpose or likely effect of substantially diminishing competition in a market.
And, as we know, the three technology giants control a significant percentage of the market. In fact, the law firm explained to the Daily Mail that together they „control over 66% of US digital advertising revenues in 2018 and over 80% of social media advertising revenues“.
Therefore, the lawsuit claims that the ban damaged the way companies in the crypto market acquire customers.
However, as mentioned above, the demand is still looking for people and investors. In this sense, anyone who has been negatively affected can join the class action.
Will this class action lawsuit for censoring crypts succeed? Only time will tell.