Australia’s financial regulator, the Australian Securities and Investments Commission (ASIC), has agreed to appeal a recent court judgement that cleared fintech firm Block Earner. The Federal Court ruled in favor of the fintech firm, stating that Block Earner didn’t require a license to offer its yield product, “Earner.”
The Federal Court overturned a ruling, much to the dissatisfaction of the ASIC, that classified Earner as a financial product that required a financial license, adding that it functioned more like a staking protocol without pooling contributions. Despite the legal victory, Block Earner has since backed out of offering the Earner product, emphasizing the need for a clearer regulatory framework.
