Referred to the House Committee on Financial Services.
The bill prohibits the Securities and Exchange Commission from requiring national securities exchanges, national securities associations, or their members to provide personally identifiable information (PII) about market participants to satisfy consolidated audit trail (CAT) reporting requirements under 17 C.F.R. §242.613(c)(7). It defines PII to include name, address, birth date or year, Social Security number, telephone, email, and IP address.
Privacy protection versus regulatory surveillance capability
Narrow, low-cost regulatory restriction often passes or advances in the House; limited complexity aids consideration.
The bill prohibits the Securities and Exchange Commission from requiring national securities exchanges, national securities associations, or their members to provide personally identifiable information (PII) about market participants to satisfy consolidated audit trail (CAT) reporting requirements under 17 C.F.R. §242.613(c)(7).
It defines PII to include name, address, birth date or year, Social Security number, telephone, email, and IP address.
Content is narrow and low-cost so floor passage in one chamber is plausible, but regulator opposition and need for broader Senate support reduce overall chances.
How solid the drafting looks.
Privacy protection versus regulatory surveillance capability
These are examples from the analysis, not a ranked list of the most-affected groups.
Privacy protection versus regulatory surveillance capability
Likely sympathetic to limiting collection of sensitive personal data, but concerned about weakening market oversight.
Would want alternative tracking methods that preserve investor privacy without undermining fraud detection.
Views the bill as a tradeoff between investor privacy and market surveillance.
Wants technical, narrowly tailored solutions—like pseudonymous identifiers and strict access rules—to balance both goals.
Likely strongly favorable: sees bill as a necessary limit on federal data collection and SEC overreach, protecting individual privacy and reducing regulatory burden on markets.
Reached or meaningfully advanced
Reached or meaningfully advanced
Still ahead
Still ahead
Still ahead
Content is narrow and low-cost so floor passage in one chamber is plausible, but regulator opposition and need for broader Senate support reduce overall chances.
The bill has not accumulated any surfaced votes yet.
Privacy protection versus regulatory surveillance capability
Content is narrow and low-cost so floor passage in one chamber is plausible, but regulator opposition and need for broader Senate support r…
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