( October 23, 2025, 11:57 AM EDT) -- SAN FRANCISCO — A Ninth Circuit U.S. Court of Appeals panel found that a cryptocurrency token issuer could not enforce a third-party platform’s terms of service against purchasers of the tokens because the terms of use did not delegate to the arbitrator the question of arbitrability with the nonsignatory issuer and the issuer couldn’t invoke those terms of service through equitable estoppel....