Lawyer to File Crypto Class-Action Seeking Billions From Social Media 'Cartel'

Rew Hamilton, a lawyer with a background in computer science, is spearheading a class-action lawsuit accusing the social media and search giants Google, Facebook, Twitter, and YouTube for cartel-like behavior intended to kill off the burgeoning cryptocurrency sector.

After two-and-a-half years of preparation, Hamilton told Cointelegraph that he is ready to file proceedings within the 48 hours, highlighting that signups from claimants are set to close on Aug. 21.

Hamilton is the CEO of JPB Liberty - the legal firm that plans to bring the no-win-no-fee suit to court in Hamilton's home country of Australia.

Speaking to Cointelegraph, Hamilton recounted immediately recognizing the crypto ad ban as anti-competitive when it was enacted, drawing from his background in competition law.

After conducting extensive research into Australian competition law, Hamilton determined that the social media giants were acting as a cartel and it would be "Pretty easy to prove it."

Hamilton wrote to the Australian Competition and Consumer Commission and decided to start his own litigation funding company to back the case after the watchdog did not respond to his concerns.

In addition to Hamilton volunteering his labor, the suit has seen "a major law firm" contribute "Hundreds of hours off the clock" - with Hamilton emphasizing that "Lawyers don't work for free very much unless they really believe in something."

In light of Facebook's Libra stablecoin project, Hamilton describes the firm's strategy of "Banning all of its competitors" from advertising on its platform "While secretly working on its own cryptocurrency" as "Absolute hypocrisy" in clear violation of competition law.

Hamilton highlights Twitter's move to ban advertising from crypto firms while allowing Jack Dorsey's financial firm Square to promote its crypto-friendly Cash App on the platform.

Further, search engine optimization and online marketing professionals targeting the crypto niche found their accounts suspended - with Hamilton sharing the story of one SEO specialist whose Google Adwords account is still subject to a lifetime ban due to his work promoting crypto-focused clients at the time.