SEC's Portfolio Surveillance Raises Privacy Concerns

The Securities and Exchange Commission (SEC) has implemented a new rule requiring the tracking of stock trades by Social Security Numbers, sharing the data with 3,000 outside agencies. The rule, known as the Consolidated Audit Trail (CAT), was issued in response to the 2010 flash crash but has raised concerns about privacy and cybersecurity. Critics argue that the collection of personally identifiable information, such as account and Social Security numbers, poses a risk of exploitation by hackers. Some lawmakers have introduced legislation to halt the collection of personal information by the CAT, emphasizing the need to safeguard Americans' privacy.