The Australian Federal Court has finally put an end to the two-year dispute between the regulator ASIC and crypto company Block Earner, upholding the previous decision in favor of the company. The court confirmed that Earner's product, which offered a fixed income for placing crypto assets, is not a security under Australian law. The key argument was that the service operated on the model of individual loan agreements, where clients' funds were not pooled, and the profitability did not depend on the company's investment activities.

Block Earner representatives emphasized that they have always acted within the law, and the court victory confirms the legitimacy of their business model. However, despite the success in court, the company does not plan to resume the Earner product on the Australian market. The decision may signal ongoing regulatory uncertainty.

The case, which was brought by ASIC in November 2022, has set an important precedent for Australia’s crypto industry. Two consecutive court decisions in Block Earner’s favour create an important benchmark for other companies operating similar products, but also demonstrate the need for a clear regulatory framework in digital finance.