According to Odaily Planet Daily, Block Earner co-founder Charlie Karaboga said that regulation through law enforcement actions often produces the worst results and brings stains to industry companies. He emphasized that regulators must distinguish between malicious actors and well-intentioned innovators when performing their tasks.
Stakeholders in the Australian cryptocurrency market hope that the court’s decision not to punish Block Earner will encourage the Australian Securities and Investments Commission (ASIC) to take a less aggressive stance. They expect ASIC’s setback will prompt Parliament to establish “clear rules that allow us to legally operate our business here.”
Earlier, the Federal Court of Australia waived a fine against fintech company Block Earner, which provided a cryptocurrency yield product without a financial services license. Judge Ian Jackman ruled that Block Earner "acted in good faith" and dismissed ASIC's request for a $234,000 (A$350,000) fine. ASIC is reviewing this decision.
