Why payouts from the Crypto Class Action may well be in Crypto
A question I often get is about the damages payout from the Class Action against Facebook & Google and whether it can be paid out to class member claimants in cryptocurrency rather than fiat.
I've thought about this issue a lot too and Crypto payout is definitely a strong likelihood, which I'll be strongly pushing as the default option.
There are powerful legal reasons why the Court would support it or at least not prevent it.
- 1 Paying out people all around the world in fiat currency would be a logistical nightmare.
Courts are interested in the "efficient administration of justice" and it will be far cheaper and simpler to pay out the damages in crypto.
Seeing as all the class members are people and companies which held and or were involved in cryptocurrency, they will all have crypto wallets and thus this will be the easiest way to pay them out.
Paying out everyone in fiat would be extremely complex and expensive as we have class members from all around the world.
- 2 All the crypto holders are the victims of illegal behaviour. If Court finds in our favour it will want to protect those victims, including their payout preference and anonymity.
- 3 The right to choose method of payout is normally with the class members, so no permission to pay out in Crypto is actually required.
- 4 KYC laws don't apply to Courts. They also don't apply to Australian solicitors distributing a damages claim in a class action.
JPB Liberty can't 100% guarantee that payout option in Crypto will be available but there is a good chance that it will be the default option.
Some people may wish to get payout in fiat currency and that will also be an option, perhaps with some deduction for logistical costs.
Do you have any update on a timeline for the action? thanks
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Amazing that KYC doesn’t apply. Crypto makes so much sense for this especially as it will be a token exchange!
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We dont know Zuckerberg but question @steemit why are you proposing advertising?
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