The SEC’s Stock Surveillance and the Fourth Amendment
In this episode of Unwritten Law, Mark Chenoweth and John Vecchione are joined by NCLA Of Counsel Margot Cleveland to discuss one of NCLA’s most consequential ongoing cases: Davidson v. Adkins, a constitutional challenge to the SEC’s Consolidated Audit Trail (CAT).
The CAT requires broker-dealers to collect and transmit detailed data on virtually every stock trade in the United States, creating a massive government-accessible database of Americans’ financial activity. Margot explains why recent changes announced by the SEC—such as removing names but retaining identifying numbers—do not cure…
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