ASIC's own final report found the regulator failed to act on repeated red flags about ASX's governance failures during the seven-year CHESS blockchain replacement project. ASX ultimately wrote off $250M and abandoned the project in November 2022. A Senate inquiry found ASIC had "comprehensively failed" its supervisory role, missing multiple intervention points that could have protected market participants.
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$250.0M of Australian taxpayer money was wasted at ASIC. ASIC's own final report found the regulator failed to act on repeated red flags about ASX's governance failures during the seven-year CHESS blockchain replacement project. ASX ultimately wrote off $250M and abandoned the project in November 2022. A Senate inquiry found ASIC had "comprehensively failed" its supervisory role, missing multiple intervention points that could have protected market participants.
Spread across Australia's 10.8 million households, that's roughly $23 per family — enough in total for funding 167 fully equipped school classrooms.
ASX blew $250M on a failed blockchain project. ASIC watched it happen for 7 years without intervening. A Senate inquiry found ASIC "comprehensively failed." Your financial markets regulator can't regulate. @reckonerAU
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