Crypto exchange Coinbase on Friday secured a small legal victory in a case that has nothing to do with tokens nor trading.

Driving the news: The Supreme Court ruled 5-4 in favor of Coinbase over a narrow issue around the Federal Arbitration Act (FAA), a rule that for a century has protected businesses from the expense and risk of going to court to settle customer disputes.

Why it matters: The arbitration clause — found in contracts and labor agreements many Americans sign without a second thought — is considered the No.1 killer of class-action lawsuits.

What they're saying: Justice Brett Kavanaugh wrote for the narrow majority: "The sole question here is whether the district court must stay its pre-trial and trial proceedings while the interlocutory appeal is ongoing. The answer is yes: The district court must stay its proceedings."

• Andrew Pincus, a partner at law firm Mayer Brown, tells Axios via email: "This settles the issue: stays are automatic if a party appeals a district court decision refusing to enforce an arbitration agreement... The entire purpose of an arbitration agreement is to avoid the high cost and other burdens of court litigation."
• Coinbase VP of litigation Katherine Minarik said: "It makes sense that lower court litigation should be paused while an appellate court decides whether a case belongs in court at all."

Between the lines: The Supreme Court ruling is a blow to Coinbase customers represented in the Coinbase v. Bielski and Suski v. Coinbase...

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