A Block Earner spokesperson told Cointelegraph that ASIC’s case against the firm has escalated to a “broader legal question” around the definition of a financial product.
Australia’s financial regulator will seek the High Court’s permission to appeal a lower court’s ruling favoring fintech firm Block Earner, which found the company’s crypto-linked fixed-yield earning service is not a financial product.
The Australian Securities and Investment Commission (ASIC) said on May 21 that it wants to ask the High Court of Australia to clarify what the definition of a financial product is and clarify the circumstances when an interest-earning product and conversion of assets from one form to another are regulated.
“The definition of financial product was drafted in a broad and technology-neutral way, and ASIC believes it is in the public interest to clarify this,” the watchdog said.
