Australia’s ASIC has appealed its loss against Finder Wallet

The Australian Securities and Investments Commission (ASIC) previously argued that Finder Wallets' revenue products were operating without proper licenses or authorizations. However, on March 14th, Federal Court Justice Brigitte Markovic dismissed the case, ruling that ASIC failed to prove that Finder Wallet's Earn product constituted a "debt" (a debt security in which a company promises to repay the loan with interest). In documents submitted on April 10th, ASIC argued that Markovic's ruling was "incorrect" because investors using the Finder Earn product did not deposit funds or take out loans with Finder Wallet. In addition, "Finder Wallet did not promise to repay debt," the securities regulator argued. In a separate statement on April 10th, ASIC argued that "ASIC is appealing this decision because it is concerned that the Finder Earn product was provided without appropriate licenses or authorizations, and therefore cannot enjoy important consumer protections. The appeal will be heard by a Full Bench of the Federal Court at a date to be fixed. The Full Bench will consider the appeal on a matter of "sufficient importance." It is the second-highest court in Australia, after the High Court.