Australia’s Top Court Rules in Favor of Block Earner, Dismisses Regulator’s Suit

The Federal Court of Australia ruled in favor of fintech firm Block Earner, dismissing a legal action brought by the Australian Securities and Investment Commission (ASIC). The court found that Block Earner’s crypto-linked fixed-yield earning product is not subject to the same financial regulations as traditional investment products. Justices David O’Callaghan, Wendy Abraham, and Catherine Button determined the product was akin to a loan agreement where users received fixed interest payments for lending their crypto assets, without participation in any wider business ventures outside of agreed rates.