Australia's corporate regulator, ASIC, is seeking special leave from the High Court to appeal a ruling in favor of crypto firm Block Earner. The dispute revolves around the treatment of digital asset yield products under the Corporations Act. ASIC aims to clarify how interest-earning and asset conversion products should be categorized. The agency believes it is crucial to define financial products in a technology-neutral manner. The Full Federal Court's decision in April favored Block Earner, stating that their fixed-yield crypto product did not fall under existing financial product laws. This ruling challenged ASIC's efforts to regulate crypto services like traditional finance. Despite earlier claims of unlicensed conduct, Block Earner was relieved of penalties for their variable-yield product. The company has ceased the product and has no plans for a relaunch. CEO Charlie Karaboga emphasized the company's efforts to comply with regulations. The High Court is yet to schedule ASIC's appeal hearing. Read more AI-generated news on: https://app.chaingpt.org/news