The Australian Securities and Investments Commission (ASIC) has announced that it will seek special leave from the High Court to appeal a recent decision that determined cryptocurrency firm Block Earner’s offering was not a financial product. The regulator is asking the court to issue a definitive ruling on what constitutes a financial product.

ASIC also wants the High Court to clarify regulations for interest-earning products and those involving asset conversions, arguing that such clarification is critical for both crypto and non-crypto financial products.

“The definition of financial product was drafted in a broad and technology-neutral way, and ASIC believes it is in the public interest to clarify this. This clarification is important as it applies to all financial products and services, whether they involve crypto-assets or not,” ASIC said in a statement.

The regulator’s announcement marks the latest development in its legal battle with Block Earner, which had previously secured a ruling relieving it from liability to pay a penalty for offering its Earner product.

As reported by Bitcoin.com News in June 2024, an Australian Federal Court judge ruled that Block Earner had “acted honestly and not carelessly,” and therefore could not be compelled to pay a pecuniary fine.

Days later, ASIC—which was heavily criticized by the Federal Court—appealed the ruling absolving Block Earner of liability. In response, Block Earner cross-appealed the court’s decision, arguing that it should not be required to obtain a financial services license to offer its Earner product.

Both appeals were heard on March 6, 2025, and on April 22, 2025, the Full Federal Court ruled in favor of Block Earner’s cross-appeal while dismissing ASIC’s appeal. According to ASIC’s statement, the High Court will consider its application for special leave at a future date to be determined.

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