Australia’s corporate watchdog Joe Longo has announced that he will step down at the end of this term. The news comes at a time when the Australian Securities and Investments Commission (ASIC) has been piling pressure on superannuation giants and banks over their treatment and protection of customers.
ASIC Chair Joe Longo’s exit and legacy
Mr Longo, a Morrison coalition government appointee, has been in charge of the ASIC for over four years, and his tenure has seen a record increase in the number of new civil cases.
“It has been an immense privilege to serve as chair of ASIC and to have been given the opportunity to rebuild and renew the agency,” Longo said in his statement. “When I accepted the position, I was clear ASIC needed to become a modern, confident and ambitious regulator. I see that transformation is delivering dividends.”
ASIC has gone aggressively after super fund companies, suing giants such as Cbus and AustralianSuper. The corporate cop accused the super funds of delays in processing death benefits and pushed for improved customer service.
“In the coming months before I complete my term, we will continue our key enforcement work, including a heightened focus on misconduct in superannuation,” said the outgoing chair.
Besides super fund companies, the ASIC has also increased scrutiny of banks over their treatment of vulnerable customers. His efforts have seen banks refund over $60 million in fees to customers who receive government benefits.
When giving directions after the announcement, Treasurer Jim Chalmers was keen to appreciate the work done under Longo in his statement, “Since his appointment in 2021, ASIC has carried out significant enforcement actions to uphold the integrity of our corporate, market and financial services sector,” he said.
“Mr Longo has overseen ASIC during a period of heightened economic, geopolitical and technological change, and I thank him for his leadership.”
Chalmers also stated that he has already started the search for the watchdog’s next head.
APRA Deputy Chair Margaret Cole is also stepping down
The Secretary of the Treasurer announced that the deputy chair of the Australian Prudential Regulation Authority (APRA), Margaret Cole, would also step down in June 2026 at the end of her current term.
“It has been a difficult decision to move on from such a critical role in a highly respected regulator with first rate colleagues and a vital mission for Australia and its people. But leadership is about taking the right decisions at the right time and leaving the enduring organisation in a strong position to face future challenges,” she said.
The two departures could prove to be a pivotal moment for Australia’s financial regulators, bringing wholesale changes to corporate governance, banking oversight, and superannuation policy.
Why the changes matter
Although their mandates differ, ASIC and APRA together form the backbone of Australia’s financial regulatory framework. ASIC is responsible for market conduct, investor protection and corporate governance, while APRA supervises the stability of banks, insurers and superannuation funds.
The timing is notable, as both regulators are dealing with ongoing scrutiny of superannuation fund performance and increasing interest in digital assets.
Digital assets in the regulatory crosshairs
Currently, the regulators do not explicitly allow super funds to invest in cryptocurrencies. ASIC has warned funds about offering crypto exposure to members without licensing and risk controls.
While APRA has not prohibited crypto investments outright, regulatory standards effectively discourage most super funds from investing in digital assets.
Despite Mr Longo’s insistence that the agency remains technologically neutral, some investors view his dismissal of cryptocurrency as the reason why the ASIC has been slow to embrace digital assets for super funds.
“I think it is highly speculative activity. I do have personal views,” he said in response to Senator Andrew Bragg during Senate estimates earlier this year. “I don’t think I can be any clearer in saying it is highly speculative, risky and should not be undertaken lightly. Now, that doesn’t mean it is illegal.”
The outgoing chair has specifically been very critical of Bitcoin. Speaking at the 2024 ASIC Annual Forum, he criticised Bitcoin’s price surge as “highly speculative” and likened it to the “bigger fool theory”.
Under Longo, the ASIC has launched several high-profile enforcement actions against crypto firms, alleging breaches of the Corporations Act. “What ASIC have sought to do is take … the Securities and Exchange Commission (SEC) in the United States, a leaf out of their book, and do what is called regulation by enforcement,” says Dr Lane, a senior lecturer in law at RMIT’s Blockchain Innovation Hub. “That is because the parliament won’t regulate. We’re going to get the courts to try and regulate this activity using the existing laws.”
Fred Schebesta, whose company Finder has been in and out of court fighting the ASIC, laments that the current regulatory landscape is slowing down innovation. “It’s like you’ve got the Wright brothers trying to fly a plane, and they’re getting sued for not having a pilot’s licence. And that’s a major issue,” he said.
Crypto criticism and the road ahead
With Joe Longo leaving and a new deputy chair joining John Lonsdale at APRA, many hope this signals an impending regulatory recalibration that could favour digital assets and change the investment landscape for the next five to ten years.
Already, the regulator allows self-managed superannuation funds (SMSFs) to hold cryptocurrencies, but it remains wary of the associated risks. With crypto markets now becoming more mainstream as Coinbase and OKX target SMSFs, the incoming chair will have to decide whether to treat digital assets as part of the capital markets or continue to fence them off as “high risk”.According to the 2025 Independent Reserve Cryptocurrency Index report, around 6.2 million Australians own or have owned crypto. Many investors believe that if Australians continue putting billions into digital assets, it’s only a matter of time before regulators step in to ensure fair trading.
