ASIC Appeals High Court Ruling on DeFi Product Classification

The Australian Securities and Investments Commission (ASIC) has initiated a legal appeal to the High Court, aiming to have Block Earner’s DeFi product ‘Access’ classified as a financial product. This follows a March 2024 High Court ruling that dismissed ASIC’s claims requiring a license for the product’s operation. ASIC argues that this decision warrants clarification on the definition of financial products, potentially encompassing all assets including cryptocurrencies. The court has yet to schedule a hearing date for the appeal application.