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Australia ASIC seeks High Court ruling on crypto revenue products after Block Earner won

Internet reports that Australia's corporate regulators are applying for special leave from the High Court to appeal a ruling in support of crypto company Block Earner, further exacerbating legal disputes over the status of digital asset revenue products. The Australia Securities and Investments Commission (ASIC) is asking the High Court to clarify how interest income and asset conversion products should be treated under the Companies Act. "The definition of financial products has been drafted in a broad and technology-neutral manner, and ASIC believes it is in the public interest to clarify this," the agency said in a statement."This clarification is important because it applies to all financial products and services, whether or not they involve crypto assets." Special leave is required to appeal to the High Court of Australia. The court only grants such permission in cases involving significant legal issues or matters of public interest. Appeals are not automatic and ASIC must first obtain court leave in this case.

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