The Australian securities regulator intends to appeal the ruling that Block Earner's Access product does not constitute a financial product.

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According to a report by CoinDesk on May 21, Deep Tide TechFlow announced that the Australian Securities and Investments Commission (ASIC) is seeking to appeal the High Court's ruling that Block Earner's Access product does not constitute a financial product.

In March 2024, the High Court dismissed ASIC's allegations against Block Earner for providing unlicensed financial services through the decentralized finance (DeFi) product Access. ASIC is now seeking clarification on the definition of financial products, believing that the relevant definition should apply to all products, regardless of whether they involve cryptocurrency.

It is worth noting that the High Court previously made a split decision in the ASIC v. Block Earner case, supporting its allegations of unlicensed financial services against the Earner product but dismissing the allegations against the Access product.

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