Crypto Advocates File Brief Against SEC's Investor Tracking Database

The DeFi Education Fund and the Blockchain Association have reportedly filed a joint amicus brief in a case brought by two individuals and the New Civil Liberties Alliance (NCLA) against the United States Securities and Exchange Commission (SEC), its chairman Gary Gensler and the Consolidated Audit Trail (CAT).

Notably, the organisations argue that the CAT could have a profound negative effect on crypto users. For context, the CAT is a database (first proposed in 2010) which became operational in April of this year.

It claims to allow regulators to efficiently track activity in Eligible Securities throughout the U.S. markets by tracking orders throughout their life cycle and identifying the broker-dealers handling them.

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