The Australian Securities and Investment Commission (ASIC) is seeking leave to appeal the High Court’s decision that the access products of fintech companies’ block makers are not financial products.
The High Court in March 2024 rejected ASIC’s claim that block incomers engaged in unlicensed financial services by providing decentralized financial (DEFI) product access.
ASIC is seeking an explanation of how to define financial products that they believe should apply to all products, whether they are accompanied by cryptocurrency or not.
“The High Court is expected to decide on the dated ASIC application,” the ASIC said in its announcement Wednesday.
The court last year made a split decision on ASIC’s lawsuit against block revenueants, and supported the allegation that it engaged in unlicensed financial services with the acquirer’s products, denying claims for access.
However, the block earnings supported by Crypto Exchange Coinbase were released from the court in June from a fine related to the $350,000-earning maker, and ASIC also sued. This was ultimately resolved in April this year, and the ASIC appeal was dismissed.
Read more: Australian judge hands split decisions with market regulators and block earnings
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