The Full Court of the Federal Court has dismissed the Australian Securities & Investments Commission’s appeal in the Finder Wallet case concerning the crypto-asset related product Finder Earn. The ruling upheld the Federal Court’s original finding that Finder Earn was not a debenture, meaning Finder Wallet (now Wallet Ventures Pty Ltd) had not breached the Corporations Act as alleged by ASIC. ASIC noted that the decision highlights challenges in the current regulatory framework for debentures and in applying the existing financial services regime to products involving crypto assets, and said it is considering the decision and its implications. The release also reiterated that crypto-related products may still be financial products, pointing to ASIC Information Sheet 225 for guidance and noting that a range of Australian laws, including Australian financial services licensing or authorisation requirements, can apply to entities providing advice, dealing or other intermediary services for crypto-assets that are financial products.
Australian Securities & Investments Commission 2025-07-24
Australian Securities & Investments Commission appeal dismissed as Federal Court finds Finder Earn crypto product was not a debenture
The Full Court of the Federal Court dismissed ASIC's appeal in the Finder Wallet case, affirming that the crypto-asset product Finder Earn is not a debenture and did not breach the Corporations Act. ASIC acknowledged the decision highlights challenges in regulating debentures and applying financial services laws to crypto assets. It emphasized that crypto-related products might still qualify as financial products, subject to Australian financial services licensing and other legal requirements.