Page:Coinbase, Inc. v. Bielski.pdf/25

12 a judge could allow the parties to conduct only the forms of discovery that would also be permitted in arbitration. That would save time and leave nobody worse off even if, as the majority fears, the dispute ultimately heads to arbitration. But this kind of equitable resolution, which the court and the parties might consider “sensible,”, is forbidden under the majority’s mandatory-general-stay rule.

In addition, for each of the majority’s concerns favoring a mandatory stay, there are countervailing considerations. The majority professes interest in “efficiency.” Ibid. But forcing district court proceedings to a halt—for months or years while the appeal runs its course—is itself inefficient. The majority also fears losing other “asserted benefits of arbitration” without a stay. Ibid. But with a stay, the party opposing arbitration loses the benefits of immediate litigation. A plaintiff’s request for injunctive protection against imminent harm, for example, goes unanswered under the majority’s rule. Similarly, while the majority laments settlement pressure on parties seeking arbitration, ibid., the rule it announces imposes settlement pressure in the opposite direction. With justice delayed while the case is on hold, parties “could be forced to settle,” ibid., because they do not wish—or cannot afford—to leave their claims in limbo. Incongruously, the majority inflicts these burdens on the party that won the arbitrability issue before the district court (the party opposing arbitration).

In categorically resolving these conflicts in favor of the pro-arbitration party, the majority’s analysis comes down to this: Because the pro-arbitration party gets an interlocutory appeal, it should also get an automatic stay. Ibid.; see L. Numeroff, If You Give a Mouse a Cookie (1985). But Congress was entitled to give one without the other. And the right to interlocutory appeal is valuable on its own. It is, as the majority explains, “a rare statutory exception to the usual rule that parties may not appeal before final judgment.” Even without a stay, if the interlocutory