ASIC alleges ASX made misleading statements about its blockchain project CHESS

The Australian Securities and Investments Commission (ASIC) has sued the country’s main stock exchange ASX in the Federal Court, alleging that the exchange made “misleading and deceptive” statements about its now-abandoned blockchain project. ASIC said on August 14 that ASX’s statements that the replacement project for its Clearing House Electronic Sub-Registration System (CHESS) trading platform was “on track to go live” in April 2023 and was “progressing well” were misleading. The regulator claims that at the time of the statement in early February 2022, the project was “not on track” and that ASX had no “reasonable basis” to suggest that the project would be ready by that date. The ASI added that it has not yet determined what penalties it will seek. (Cointelegraph)