The Australian Securities and Investments Commission (ASIC) is seeking High Court approval to appeal a Federal Court ruling that favored crypto firm Block Earner regarding the classification of digital asset yield products. ASIC aims to clarify whether interest-earning and asset conversion crypto products should be classified as financial products under the Corporations Act. The ruling previously held that Block Earner's fixed-yield product did not constitute a financial product, complicating ASIC's efforts to regulate such crypto services similarly to traditional finance. ASIC must obtain special leave from the High Court to proceed with the appeal, as this case raises significant legal questions of public interest. This development follows Block Earner’s success in appealing earlier decisions that labeled its operations as unlicensed financial services. The legal landscape around cryptocurrencies and yield products remains ambiguous, prompting ASIC's push for decisive clarification.

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