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ASIC Sues Australian Stock Exchange over Failed Blockchain Project
The legal dispute centers around ASX‘s ambitious plan to replace its aging Clearing House Electronic Subregister System (CHESS) with a blockchain-based system – a move initially hailed as a groundbreaking step towards modernizing Australia’s financial market infrastructure.
A Promising Start with a Disappointing End
The project, which was announced in 2017, promised to enhance efficiency, transparency, and security for market participants. However, after years of delays, technical challenges, and escalating costs, ASX officially abandoned the blockchain initiative in November 2022.
The decision to cancel the project came after an independent review that uncovered significant issues with the technology’s design and implementation, ultimately deeming it unviable for the exchange’s needs. Nearly two years after the project’s cancellation, ASIC has brought a lawsuit against the ASX.
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