Block Earner wins Federal Court appeal against ASIC in key crypto ruling
The Federal Court of Australia has ruled in favour of digital asset platform Block Earner, overturning prior findings that its discontinued crypto lending product, Earner, constituted a managed investment scheme or financial investment facility under the Corporations Act 2001.
In a judgment handed down by Justices O’Callaghan, Abraham and Button, the Full Court dismissed the Australian Securities and Investments Commission’s (ASIC) appeal and allowed Block Earner’s cross-appeal.
The Court set aside all declarations of contravention made by the primary judge and ordered ASIC to cover Block Earner’s legal costs.
The ruling brings an end to a closely watched legal case that has raised broader questions about the regulation of…
