ASIC Forms Expert Panel to Probe ASX’s $160 Million Blockchain Flop
The Australian Securities and Investments Commission (ASIC) has assembled a three-person expert panel to investigate the Australian Securities Exchange’s (ASX) failed blockchain project. Former central bank deputy governor Guy Debelle is among the panel’s members.
According to Reuters,the project was worth about $163.1 million. Former Commonwealth Bank non-executive director Rob Whitfield will head the panel. Christine Holman, a non-executive director at AGL and collins Foods, will also be a part of the inquiry.
ASIC instructed the group to identify any flaws in ASX’s management, including in its governance, capability, and risk management. These flaws may have contributed to the blockchain project’s failure.
additionally, by March 31, 2026, the panel must submit a report containing their findings and recommendations for future regulator actions. ASX welcomed the proclamation and promised to work constructively with the panel members.
The failed project aimed to replace the Clearing House Electronic Subregister System (CHESS) with a blockchain system. Started in 2015, it faced challenges like lack of market support and scalability concerns. ASX abandoned it in November 2024 due to management issues and difficulties in finding expert support.
Its estimated cost was between $164 million to $171 million. The project’s failure has caused public trust in the stock exchange to wane.
