Australian Regulator Scolded Over 'Misleading' Release, Must Pay Costs as Block Earner Avoids Penalty
Summary
An Australian judge has ordered the Australian Securities and Investment Commission (ASIC) to pay some of the legal costs of a dispute with crypto startup Block Earner. The judge ruled that Block Earner's yield-bearing "Earner" product was unlicensed, but its DeFi "Access" service did not require the same licensing. The judge criticized ASIC for a misleading press release about the case. The judge also ruled that Block Earner should not pay a penalty for Earner as it had acted honestly in its attempts to engage with the government over crypto regulation. Blockchain Australia Chair Michael Bacina stressed the importance of crypto projects seeking legal advice to avoid infringing the law and to potentially argue for relief from penalties.
