Australia’s financial regulator, the Australian Securities and Investment Commission (ASIC), is seeking the High Court’s permission to appeal a lower court ruling that favored Block Earner, a fintech firm. The ruling stated that Block Earner’s crypto-linked fixed-yield earning service does not qualify as a financial product under the Corporations Act. ASIC's appeal aims to clarify the definition of a financial product and the regulatory circumstances surrounding asset conversions. The Federal Court had previously concluded that Block Earner’s service was neither a managed investment scheme nor a derivative. This legal dispute has been ongoing since ASIC initiated proceedings against Block Earner in November 2022, insisting that a financial services license was essential for operating their yield product. Block Earner maintains confidence in the Federal Court's ruling and argues that the legal questions raised have implications beyond their company and the crypto sector.

Source 🔗