So, picture this: Australia’s top legal brains—think of them as the crypto whisperers—have just told the financial watchdog to take a seat and maybe rethink its life choices. The Federal Court stepped in and basically said, “Block Earner, your funky crypto product? Not a financial product. Chill.”
Judges David, Wendy, and Catherine (yes, the full Justice League) ruled on April 22 that this crypto-linked fixed-yield thingy wasn’t an investment scheme, a financial product, or any other boring legal mumbo jumbo. Why? Because folks who used it were just lending crypto under fixed terms. No sneaky pooling of cash, no business risk—just straight-up loan meets interest.
ASIC sued Block Earner back in November 2022, saying it needed a fancy license for its crypto yield toys. Initially, the courts agreed in February 2024, but then in June, Block Earner got a legal leash off, praised for playing nice and getting legal advice before launch. ASIC, of course, wasn’t ready to sit down and appealed.
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2025-04-23 06:16