SEC Commissioner Mark Uyeda has voiced strong opposition to the proposed Consolidated Audit Trail (CAT) for cryptocurrencies, arguing it represents overregulation and an invasion of privacy. Uyeda's comments come ahead of SEC Chair Gary Gensler's upcoming testimony. Rep. Barry Loudermilk also criticized the CAT, stating it poses an unacceptable risk to Americans' financial privacy and could be a target for foreign actors. Loudermilk suggested that the SEC could mitigate this risk by removing Americans' personal data from the CAT system without affecting its ability to identify market manipulation.