If you have opened a cryptocurrency account with a major crypto brokerage firm, it is likely you have agreed to abide by the terms of a “User Agreement”. Most User Agreements in the crypto industry have a provision that requires disputes to be resolved through Arbitration. So, it is likely that if you wish to bring a claim to recover your cryptocurrency investment losses, you will be involved in an arbitration proceeding.
Typically, arbitration awards are final and binding – that is, the result of an arbitration award generally is not subject to appeal or further review. Arbitrations occur either before a single arbitrator or a panel of arbitrators. Most arbitrators are either retired judges or attorneys who have a background or experience in the issues applicable to your case. One advantage to an arbitration is that cases are typically resolved in a shorter period of time than if they went through regular court process.
Some small arbitration procedures are handled in a summary fashion. That means that there is no actual trial, but rather the case is resolved by the arbitrator reviewing pleadings, briefs and papers filed by the parties. In larger cases, an arbitration hearing resembles a trial. The parties are allowed to call witnesses and cross-examine the other parties’ witnesses. Documents, expert opinions and other materials are placed into evidence and considered by the arbitrator. In addition to legal briefs, a full arbitration hearing includes opening statements, closing arguments and presentations that are very similar to that which are used in court.
The User Agreement controlling the dispute will generally designate an arbitration tribunal or administrator. The two most common arbitration tribunals are the American Arbitration Association (“AAA”) and JAMS (previously known as Judicial Arbitration and Mediation Services). Both AAA and JAMS maintain lists of qualified arbitrators that are furnished to the parties for the selection of the final arbitrator or panel of arbitrators. The process by which the arbitrators are selected is similar to that which is used in court when selecting a jury. Once the arbitrator or arbitrators are selected, a schedule is established for the presentation of evidence at a final hearing. In arbitration there is limited “discovery” which means that there generally will not be pre-trial depositions or similar discovery efforts.
When selecting an attorney to represent you in a crypto arbitration claim, it is important that you consider the experience of the lawyers in handling securities and investment related cases are well as the lawyers experience with arbitration proceedings. Both Tom Grady and Guy Burns, the founders of CryptoLawyers.org, are highly experienced in representing claimants in investment and securities arbitration disputes. Both of them have represented hundreds of investors and have recovered awards and settlements totaling hundreds of millions of dollars.
If you have suffered cryptocurrency related losses and wish to discuss your rights, including those to pursue a claim in arbitration, you should contact CryptoLawyers at CryptoLawyers.org. One of our team will promptly respond to your inquiry. CryptoLawyers represents clients on a contingency basis. If there is no recovery, there is no fee.