Crypto censorship is a real problem and consequently the industry has decided sue Google, Facebook and Twitter for having banned crypto advertising which could cost the giants $ 300 billion.
Yes, a law firm has decided to sue the three giants and anyone who has been affected can participate.
Crypts since their inception have been censored by social networks and technology giants, under the argument associated with the risks inherent in them.
In fact, since 2018, Facebook decided to ban advertising to cryptocurrencies on its platform. We must certainly remember that this was a time where ICOs had become popular and scam was the norm of the day.
Likewise, in 2018, Google also decided to ban cryptocurrency ads alongside Twitter. While, recently, many YouTube users have claimed to have seen possibly misleading ads on the platform linked to cryptocurrencies.
Beyond debating whether crypto censorship is adequate or not, the class action lawsuit is being prepared by a law firm called JPB Liberty based in Sydney, Australia.
In this sense, the case has been presented to a superior lawyer for review and is pending financing to present it. But, it is worth mentioning that, for the moment, the case has already attracted litigants with US $ 600 million in claims.
Also, JPB Liberty is arranging funding for this case from institutional venture capitalists and other ideologically aligned investors. Therefore, the plaintiffs would obtain 70% of the eventual agreement (or damages) and the funders would obtain 30%.
However, the question is: What is the justification for the demand? Okay, remember that both platforms banned crypto advertising in 2018, as the plaintiffs claim their businesses were hurt when the three companies “colluded“
Accordingly, under that argument, they cite Section 45 of the Australian Competition and Consumption Act which prohibits any “Agreement, understanding or concerted practice that has the probable purpose or effect of substantially reducing competition in a market”.
And, as we well 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 more than 66% of the 2018 US digital ad revenue and over 80% of the social media ad revenue.”
Therefore, the lawsuit alleges that the ban hurt how companies in the crypto market acquire customers.
However, as we mentioned earlier, the demand is still in search of people and investors. In this regard, anyone who has been adversely affected can join the class action lawsuit.
Will this class action to censor crypto succeed? Only time will tell.