๐ฆ๐บ ๐๐๐๐๐ฟ๐ฎ๐น๐ถ๐ฎ๐ป ๐ฅ๐ฒ๐ด๐๐น๐ฎ๐๐ผ๐ฟ ๐ฃ๐๐๐ต๐ฒ๐ ๐๐ฟ๐๐ฝ๐๐ผ ๐๐ฎ๐๐ฒ ๐๐ผ ๐๐ถ๐ด๐ต ๐๐ผ๐๐ฟ๐ โ ๐๐ฆ๐๐ ๐ช๐ฎ๐ป๐๐ ๐๐น๐ฒ๐ฎ๐ฟ ๐ฅ๐๐น๐ฒ๐ ๐ณ๐ผ๐ฟ ๐๐ฟ๐๐ฝ๐๐ผ ๐ฃ๐ฟ๐ผ๐ฑ๐๐ฐ๐๐
The Australian Securities and Investments Commission (ASIC) is seeking special leave from the High Court to appeal a major ruling that sided with crypto firm Block Earner โ a move that could shape how financial product laws apply to crypto in Australia.
โ Background:
Block Earner previously won a court decision that said its crypto-based โEarnerโ product was not a financial product. This spared the company from penalties and licensing requirements.
โ๏ธ ASIC Fights Back:
ASIC argues that:
The definition of financial product should be broad and technology-neutral
Interest-earning and asset-conversion products (crypto or not) need clearer rules
A High Court ruling is needed to settle legal uncertainties across the financial sector
ASIC said:
โIt is in the public interest to clarify what qualifies as a financial product โ this applies to all financial products and services, whether they involve crypto-assets or not.โ
๐งโโ๏ธ Where Things Stand Now:
The Full Federal Court ruled in favor of Block Earner on April 22, 2025
ASIC's previous appeal was dismissed
Block Earner also cross-appealed, arguing it shouldnโt need a financial services license โ and won
ASIC is now turning to the High Court, which will review the application at a later date
This case could set a national precedent for how crypto platforms are regulated in Australia โ and whether future DeFi or CeFi products will fall under financial services licensing laws.