NCLA sues SEC over unconstitutional "Consolidated Audit Trail" mass data collection.
The New Civil Liberties Alliance (NCLA) has filed a lawsuit against the Securities and Exchange Commission (SEC), challenging the agency's unconstitutional "Consolidated Audit Trail" (CAT), the largest government-mandated mass collection of personal financial data in American history. NCLA claims that without any statutory authority, SEC is forcing brokers, exchanges, clearing agencies, and alternative trading systems to capture and send detailed information on every investor's trades in U.S. markets to a centralized database, which can be accessed by SEC and private regulators forever. NCLA is asking the U.S. District Court for the Western District of Texas to stop this unlawful, unprecedented seizure and mass surveillance scheme.
April 16, 2024
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