From piperalderman.com.au: The Full Federal Court in Australia overturned a prior ruling, determining that Block Earner’s fixed-yield ‘Earner’ product does not qualify as a “financial product” under the Corporations Act, and thus does not require an Australian Financial Services Licence.

This landmark decision clarified that the user contributions associated with the Earner product did not entitle users to benefits generated from Block Earner’s economic activities.

The ruling signals a significant shift in the financial services licensing landscape, potentially influencing regulations for blockchain and innovative financial offerings.