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The U.S. Securities and Exchange Commission (SEC) has granted exemptive relief that ends the collection of personally identifiable information in the Consolidated Audit Trail (CAT). This decision has been welcomed by privacy advocates and lawmakers alike, who argue that the previous surveillance regime posed a threat to Americans' constitutional rights. Commissioner Hester Peirce has been recognized for her leadership in this area, with various stakeholders calling for the dismissal of ongoing cases against cryptocurrency exchanges such as Ripple and Coinbase. Senator John Kennedy highlighted his ongoing efforts to prevent the SEC from jeopardizing citizens' personal data and expressed gratitude for the SEC's new direction under President Trump's administration. The move is seen as a significant step toward protecting investors' privacy in the financial sector.
🎉 A win for financial privacy! 🎉 Yesterday, the SEC granted exemptive relief that eliminates the collection of personally identifiable information in the Consolidated Audit Trail. The SEC will not have database access to investors' personal information tied to their trades. https://t.co/V3K7nQXFWB
For years, I’ve fought to stop the @SECgov’s CAT database from hoarding and jeopardizing Americans’ personal data. Thankful to see Pres. Trump’s SEC stop the CAT from targeting our citizens. My Protecting Investors’ Personally Identifiable Information Act would make this new…
Thank you @HesterPeirce for your leadership on this issue and for sounding the alarm on CAT's unchecked surveillance for years. Privacy is normal. To learn more, read @MTCoppel's @CoinDesk op-ed on CAT and its threat to Americans' constitutional rights: https://t.co/RkcS5EpSGR https://t.co/pILZY2536H