From asic.gov.au: ASIC is seeking special leave from the High Court to appeal a Full Federal Court decision which determined that Block Earner’s product, offering fixed yield returns from lending specific crypto-assets, is not classified as a financial product.

The appeal aims to clarify the definition of financial products and the regulation of interest-earning assets.

The Full Federal Court had previously sided with Block Earner, relieving it of penalty for offering its Earner product while dismissing ASIC’s appeal.