Recently, the SEC announced a “comprehensive review” of its consolidated audit trail, or “CAT,” and asked for public comments due in 60 days, on June 15, 2026, including on whether the commission should “eliminate the CAT in favor of developing a different audit trail and/or data source, . . . ”
Every American investor should answer with an emphatic: “Yes!” Here’s why.
The SEC’s CAT is an LLC that tracks, collects, and analyzes all securities transactions made by every investor in real time. Its size is unfathomable: SEC collected and stored 116 trillion transactions in 2023 and 154 trillion…
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