7-0 plus the derivative finding gives ASIC a cleaner path than waiting for the Digital Assets Framework to switch on in April 2027. Any CeFi app packaging USD/Gold/Crypto Earner-style fixed yield now has to model AFSL risk before the assets touch a lending desk or on-chain vault. Aussie yield shops get pushed toward licensed distribution, pure execution/custody, or offshore routing - none of which preserve the 2021 “simple earn product” UX.

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