On 23 June 2023, the Senate Economics References Committee held its first public hearing about of its inquiry into the Australian Securities and Investments Commission (ASIC).

Despite the overwhelming evidence of major problems at ASIC, ASIC Chairman Joseph Longo rejected the inquiry's interim report and comments made by Senator Bragg in the Australian Senate. Longo rejects any proposition that ASIC is a "weak corporate regulator".

Moreover, ASIC rejected the proposition that it attempted to interfere with the Parliament in establishing the current inquiry or that ASIC plants Dorothy Dixers in Parliament to quash negative media stories.

On both of these issues, ASIC's public comments lacked credibility and shows that they have a political strategy of mass denial. ASIC refuses to disclose its secret communications with its moles within Parliament.

According to Adams and North, the only victors from the inquiry's opening hearing were financial criminals who have an interest in maintaining the status quo.