This case challenges the SEC’s “Consolidated Audit Trail” (CAT) program, which requires every broker-dealer to report all retail customer transactions to a centralized government database. The plaintiffs argued the CAT unlawfully collects vast amounts of personal financial data in violation of the Fourth, Fifth, and First Amendments.
In August 2024, DEF, alongside the Blockchain Association, filed an amicus brief, challenging the CAT’s extensive data collection. The brief argued that the CAT’s requirements pose severe threats to individual privacy and could deter participation in digital asset markets.
Status: Settled