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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.
The SEC's Consolidated Audit Trail puts Americans' financial data at risk of breach by foreign actors. The Commission could reduce this risk by removing Americans' personal data from the CAT system, without affecting their ability to identify market manipulation. https://t.co/iSo1KzIZr7
#WATCH: @RepLoudermilk sets the record straight on the @SECgov's Consolidated Audit Trail. It's not if a hack happens—it's when. CAT poses an unacceptable risk to Americans' financial privacy. 📺 👇 https://t.co/ksNNRAuhmz
WHY SEC COMMISSIONER IS AGAINST CRYPTO AUDIT TRAILS Mark Uyeda is coming in hot against the proposed consolidated audit trail (CAT) for crypto, calling it a move towards a surveillance state—definitely not what we want for our decentralized future. With Gary Gensler set to… https://t.co/1O8bVkBE8h
