The Australian Securities and Investments Commission is pursuing an appeal against the High Court's decision regarding Block Earner's Access product, arguing it should be classified as a financial product. The High Court previously dismissed ASIC's allegations in March 2024, stating that Block Earner's decentralized finance product did not constitute unlicensed financial services. ASIC aims to clarify the definition of a financial product, seeking a broader interpretation that encompasses all products, including those related to cryptocurrency.
According to ASIC, the High Court will review its application at a later date. The Court had earlier issued a split ruling on ASIC's case against Block Earner, upholding claims related to the Earner product while dismissing those concerning Access. Block Earner, backed by Coinbase, was initially fined $350,000 for the Earner product but was later exempt from the fine, which ASIC appealed and was dismissed in April.