A new lawsuit alleges that the U.S. Securities and Exchange Commission (SEC) has been illegally tracking the data of Americans who have invested in the stock market.
The lawsuit, filed by the New Civil Liberties Alliance last week in Texas, claims that the agency has been illegally collecting data through the “Consolidated Audit Trail” program (CAT), and that the program is unconstitutional.
The SEC is accused of storing and tracking data that involves “trade information on every investor’s trades from inception to completion,” which they claim violates the Fourth Amendment.
Related: What the SEC’s New Climate Transparency Rules Mean for You
“By seizing all financial data from all Americans who trade in
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