The Blockchain Association and the DeFi Education Fund recently filed an amicus brief challenging the Securities and Exchange Commission's (SEC) Consolidated Audit Trail (CAT) program. According to the Blockchain Association, the CAT program aims to create a centralized database of all securities trades in the U.S., raising concerns about the potential exposure of digital asset transactions to extensive scrutiny.
The amicus brief highlighted significant privacy concerns regarding the CAT program, emphasizing the risks associated with compiling a vast database of U.S. securities trades. The organizations argued that the program could jeopardize the privacy of digital asset transactions, especially as the SEC categorizes many digital asset platforms as brokers or exchanges. This extensive data collection could potentially link blockchain wallet addresses to personal information, exposing users to unprecedented surveillance of their financial activities.
Moreover, the brief cautioned against the dangerous precedent that the CAT program could set in terms of government overstepping monitoring financial data. The organizations stressed that broad surveillance could undermine individuals' privacy rights and normalize invasive oversight. Blockchain Association policy counsel Laura Sanders expressed concerns about the program's sweeping surveillance of personal financial data, including potentially sensitive blockchain transactions, describing it as a significant overreach that threatens to erode constitutional rights.
Sanders further emphasized the need for lawmakers to recognize the broader implications of such projects and the importance of resisting excessive financial surveillance regimes. The crypto community stands firm against initiatives like the CAT program, urging policymakers to assess the implications of such monitoring activities on individuals' privacy and constitutional rights.
Harris Could Choose Gary Gensler for Treasury Secretary
In other news, Democratic candidate Kamala Harris is reportedly considering appointing SEC Chairman Gary Gensler as Treasury Secretary if she emerges victorious in the upcoming November election, as revealed by senior Senate staffers. While Gensler has not publicly addressed leaving his current role, sources within the Senate have indicated discussions about his potential nomination, with some top Republicans expressing concerns about the prospect.
