The Full Federal Court of Australia ruled in favor of crypto lender Block Earner, determining that its discontinued 'Earner' product was a fixed-term loan, not a regulated financial product requiring licensing. The ruling dismissed an appeal from the Australian Securities and Investments Commission (ASIC) and ordered the regulator to cover all legal costs. This case, which began in November 2022, was critical in assessing how existing Australian financial service laws apply to cryptocurrency products. The court found that customers loaned crypto based on fixed terms for interest returns, without pooling contributions. With about four million Australians exposed to crypto, this ruling could set a precedent for future regulation of digital asset products in Australia. Block Earner, meanwhile, has no plans to revive the Earner product following the favorable outcome.

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