Australian Securities Regulator Seeks to Appeal High Court Ruling on Block Earner
The Australian Securities and Investments Commission (ASIC) is seeking to appeal to the High Court to have the fintech company Block Earner's DeFi product "Access" reclassified as a financial product. In March 2024, the High Court dismissed ASIC's allegations that the product required a license to operate.
ASIC stated that this move aims to clarify the definition standards of financial products, which should apply to all products, including cryptocurrencies. The High Court will hear its application on an unspecified date. Previously, the court made a distinction between two of Block Earner's products: it determined that the "Earner" product constituted unlicensed financial services but dismissed similar allegations against "Access." In June 2024, the court overturned the AUD 350,000 fine Block Earner faced for the "Earner" product, and ASIC's appeal against this was also dismissed in April 2025. (CoinDesk)
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BUZZ - Broker Perspectives: Analysts Express Doubts Over Starbucks and Chipotle Acquisition
Latest Update October 9 – The Financial Times reported on Thursday that Starbucks (SBUX.O) has explored a potential acquisition of Chipotle (CMG.N). This move would bring CEO Brian Niccol back to the Mexican burrito chain he once led. Starbucks declined to comment, saying the company remains "fully focused" on its business turnaround. Chipotle's stock fell about 4% to $31.32 on Friday, after surging 6.2% in the previous trading session. Limited strategic rationale BTIG expressed "high skepticism," stating that the deal does not make sense operationally, would cause significant dilution for Starbucks shareholders, and would disrupt management operations. "Over the years we've heard many stories about multi-brand acquisitions... but few have materialized, and even fewer have succeeded," BTIG noted. William Blair pointed out that Starbucks’ $9.4 billion net debt as of June makes it difficult to finance an acquisition and could push the combined company’s leverage ratio to about six times—considered high for the restaurant industry. D.A. Davidson stated the probability of the deal succeeding is 20% or less, given the significant differences between the brands and the apparent lack of clear synergies. Raymond James noted that due to the low overlap in menus, supply chain benefits are likely limited, while performance among multi-brand restaurant platforms has been mixed. eMarketer’s Suzy Davidkhanian commented that Niccol's familiarity may reduce execution risk, but investors might still see the deal as a "costly distraction" during Starbucks’ transformation. (For the convenience of non-English speakers, Reuters automatically translates its reports into several other languages. Automated translation may be inaccurate or fail to include necessary context; Reuters does not guarantee the accuracy of automated translated text and provides it solely for readers’ convenience. Reuters accepts no responsibility for any damage or loss resulting from the use of automated translation functions.)
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