TechFlow, May 21 — According to CoinDesk, the Australian Securities and Investments Commission (ASIC) is seeking to appeal the High Court's ruling that Block Earner's Access product does not constitute a financial product.
In March 2024, the High Court dismissed ASIC's claim that Block Earner was providing unlicensed financial services through its decentralized finance (DeFi) product, Access. ASIC is now seeking clarification on the definition of a financial product, arguing that the definition should apply to all products regardless of whether they involve cryptocurrency.
Notably, the High Court previously delivered a split decision in ASIC v. Block Earner, upholding ASIC's unlicensed financial service claims regarding the Earner product while rejecting them concerning the Access product.
