According to Odaily, the Australian Securities and Investments Commission (ASIC) has filed a lawsuit against the country's main securities exchange, ASX, in the Federal Court. The lawsuit accuses ASX of making 'misleading and deceptive' statements regarding its now-abandoned blockchain project. On August 14, ASIC stated that ASX's claims about the progress and expected operational date of its Clearing House Electronic Subregister System (CHESS) replacement project were misleading. Specifically, ASX had asserted that the project was 'on track' and expected to be operational by April 2023. However, the regulatory body contends that as of early February 2022, the project was not proceeding as planned, and ASX had no reasonable basis to suggest it would be ready by the stated date. ASIC has not yet determined the specific penalties it will seek.