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Deythere > News > News > Australian Securities and Investment Sued Over ASX Blockchain
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Australian Securities and Investment Sued Over ASX Blockchain

Australian Securities and Investment Sued Over ASX Blockchain
Australian Securities and Investment Sued Over ASX Blockchain
Amaya Solís
Last updated: August 15, 2024 9:01 am
By
Amaya Solís
Published August 15, 2024
6 Min Read
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The Australian Securities and Investments Commission (ASIC) has launched legal proceedings against the Australian Securities Exchange (ASX), alleging that the stock exchange made misleading and deceptive statements about a blockchain project that was later abandoned. This shocking development is the latest in a series of controversies surrounding the ASX’s ambitious yet troubled attempt to modernize its aging trading system.

Contents
  • ASIC Seeks Accountability
  • ASIC on High Alert

The ASIC, known for its rigorous oversight, has accused the ASX of making false claims about the progress of a blockchain project intended to replace its Clearing House Electronic Subregister System (CHESS). According to ASIC, statements made by the ASX in early 2022, which indicated that the project was “on track for go-live” by April 2023 and was “progressing well,” were misleading. The Australian Securities and Investment watchdog believes that these statements did not reflect the true state of the project at the time.

Australian Securities and Investments Commission (ASIC)
Australian Securities Exchange (ASX)

ASIC’s claims are serious. The commission argues that by February 10, 2022, the project was not progressing as well as ASX had publicly declared. The Australian Securities and Investment body further asserts that the ASX had no reasonable basis to suggest that the project would be completed by the specified date. This situation, according to ASIC Chair Joe Longo, was a collective failure by the ASX Board and senior executives.

Australian Securities and Investments Commission (ASIC)
Australian Securities Exchange (ASX)

“We allege that the true state of affairs as of February 10, 2022, was that the project was not ‘progressing well,’ contrary to ASX’s announcement,” said Longo. The Australian Securities and Investment commission’s decision to sue marks a significant step in holding one of the nation’s largest financial institutions accountable for its actions.

Australian Securities and Investment Questions ASX’s Blockchain Ambitions

The ASX embarked on the blockchain project in 2016 with the goal of replacing the CHESS system, a crucial component of the Australian financial infrastructure first introduced in the mid-1990s. The Australian Securities and Investment regulator has now cast doubt on the entire endeavor, citing significant flaws in the project’s development.

The ASX had initially chosen a distributed ledger technology (DLT) system to replace CHESS, a decision that was met with much fanfare. However, after five years of work and multiple delays, the project ran into significant issues. By November 2022, the ASX had spent a staggering $170 million (255 million Australian dollars) on the project, only to “pause” further development. The decision to halt the project came after consulting firm Accenture identified major challenges with the solution design and its ability to meet the ASX’s requirements. The ASIC’s lawsuit now shines a spotlight on these failures, raising questions about the feasibility of the ASX’s blockchain ambitions.

When asked for a comment on the lawsuit, ASX pointed to a statement from its Managing Director and CEO, Helen Lofthouse, who acknowledged the seriousness of the situation. “We cooperated fully with ASIC’s investigation and are now carefully reviewing and considering the allegations,” Lofthouse stated. The ASIC watchdog’s decision to pursue legal action underscores the gravity of the situation.

ASIC Seeks Accountability

The ASIC has not yet disclosed the specific penalties it intends to seek against the ASX. However, the implications of this lawsuit are profound. If ASIC’s allegations are proven true, it could lead to significant financial and reputational damage for the ASX. The Australian Securities and Investment body’s case serves as a stern reminder to all financial institutions of the importance of transparency and accountability in their operations.

This legal battle also raises broader questions about the future of blockchain technology in financial markets. The Australian Securities and Investment commission’s lawsuit suggests that the road to innovation is fraught with challenges, and that even the most well-funded projects are not immune to failure.

ASIC on High Alert

The ASIC’s decision to sue ASX over its handling of the blockchain project is a major development in the financial world. As the case unfolds, it will be crucial to monitor how the ASX responds and what consequences may follow.

The ASIC has made it clear that it will not tolerate misleading conduct by any financial institution. This case is a stark reminder that even the most powerful entities can be held accountable. As the legal proceedings continue, all eyes will be on the ASIC body to see how it navigates this complex and high-stakes situation. Stay tuned for more updates, and stay connected to DeyThere for the latest news.

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ByAmaya Solís
Amaya Solís is a blockchain and cryptocurrency expert with 8 years of experience in the industry. With a background in computer science and a focus on distributed ledger technologies, Amaya has been a key contributor to several blockchain initiatives, ranging from the development of secure blockchain networks to the creation of decentralized financial systems. Her expertise includes blockchain scalability, smart contracts, and the application of blockchain technology in various sectors. At DT NEWS, Amaya shares her extensive knowledge of the global blockchain and cryptocurrency markets, offering readers insights that help them navigate this rapidly evolving space.
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