The Australian Securities and Investments Commission (ASIC) has sued the country's main stock exchange, ASX, in federal court, alleging that the exchange made "misleading and deceptive" statements on its now-abandoned blockchain project. ASIC said on August 14 that ASX's statement that the replacement project for its Clearing House Electronic Sub-Registry System (CHESS) trading platform was "on track to be operational" and was "well underway" by April 2023 was misleading. The regulator claimed that the project "did not proceed as planned" at the time of its statement in early February 2022 and that ASX had no "reasonable basis" to suggest it would be ready by that date. ASI added that it had not yet determined what penalties it would seek.