The post SEC Commissioner Mark Uyeda Criticizes Consolidated Audit Trail for Cryptocurrencies as Privacy Threat appeared on BitcoinEthereumNews.com.

SEC Commissioner Mark Uyeda challenges the concept of consolidated audit trails (CAT) in the realm of cryptocurrency, suggesting it represents a potential violation of privacy and overreach by regulatory bodies. He further critiques the SEC’s ambiguous regulatory framework for crypto firms, emphasizing the lack of clear operational guidelines. Anticipation mounts as SEC Chairman Gary Gensler prepares to face critical questioning from Republican lawmakers during his scheduled testimony. “SEC Commissioner Mark Uyeda’s bold criticisms highlight significant concerns regarding the overreach and privacy implications of consolidated audit trails in crypto regulation, setting the stage for a contentious discussion at the SEC hearing.” SEC Commissioner Condemns Consolidated Audit Trails for Cryptocurrencies On the eve of SEC Chairman Gary Gensler’s testimony before the House Financial Services Committee, Commissioner Mark Uyeda spoke out against the consolidated audit trail (CAT) initiative. Uyeda argued that the CAT, designed to track investors’ sensitive data within the cryptocurrency sector, represents an overreach by regulatory authorities. He labeled the initiative as more fitting for a surveillance state than a free society, highlighting significant privacy concerns. Republican Opposition and Concerns Over Privacy Republican lawmakers, with a strong focus on privacy and regulatory overreach, are expected to challenge Chairman Gensler and the Democratic stance on this issue. Uyeda emphasized that the CAT’s ability to collect extensive personal data from traders could lead to violations of privacy rights. He criticized the SEC for its broad and unrestricted access to such sensitive information, stressing the need for a more balanced approach to regulation without infringing on individual privacy. Financial Impact and Criticism of SEC Funding Model Uyeda also highlighted the financial implications of the CAT implementation, noting that the SEC expects broker-dealers and industry participants to fund this extensive database through fees proportional to their trading volumes. In his interview, Uyeda urged the SEC…

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Filed under: News - @ September 24, 2024 5:23 am