Australian Securities Regulator Seeks to Appeal High Court Ruling on Block Earner

The Australian Securities and Investments Commission (ASIC) is seeking to appeal to the High Court to have the fintech company Block Earner's DeFi product "Access" reclassified as a financial product. In March 2024, the High Court dismissed ASIC's allegations that the product required a license to operate.

ASIC stated that this move aims to clarify the definition standards of financial products, which should apply to all products, including cryptocurrencies. The High Court will hear its application on an unspecified date. Previously, the court made a distinction between two of Block Earner's products: it determined that the "Earner" product constituted unlicensed financial services but dismissed similar allegations against "Access." In June 2024, the court overturned the AUD 350,000 fine Block Earner faced for the "Earner" product, and ASIC's appeal against this was also dismissed in April 2025. (CoinDesk)