Australia’s ASIC Wants to Appeal Court’s Decision on Block Earner’s Access Product

The Australian Securities and Investments Commission (ASIC) is looking for go away to enchantment a High Court choice that fintech firm Block Earner’s Access product will not be a monetary product.

The High Court in March 2024 dismissed ASIC’s allegations that Block Earner had engaged in unlicensed monetary companies by providing its decentralized finance (DeFi) product Access.

ASIC is looking for clarification on how a monetary product is outlined which it feels ought to apply to all merchandise whether or not they contain cryptocurrency or not.

“The High Court will consider ASIC’s application on a date to be determined,” ASIC stated in an announcement on Wednesday.

The Court gave a cut up choice over ASIC’s case towards Block Earner final yr, upholding the declare that it had engaged in unlicensed monetary companies with its Earner product whereas dismissing the allegations towards Access.

Block Earner, which has backing from crypto trade Coinbase, was nonetheless free of its $350,000 Earner-related tremendous by the Court in June, which ASIC additionally appealed. This was ultimately resolved in April this yr with ASIC’s enchantment dismissed.

Read extra: Australian Judge Hands Split Decision in Market’s Regulator vs Block Earner