Now, after Citadel Securities successfully challenged the system’s funding model in court, the agency appears ready to consider a much more hands-on approach. In March 2026, Citadel and the American Securities Association filed a joint petition challenging the SEC’s funding order. SIFMA’s position is straightforward: the current governance model is broken, costs are opaque and excessive, and the SEC should assume direct control rather than continuing to delegate to SROs. What direct SEC control would meanIf the SEC ultimately decides to take direct control of the CAT, it would represent a significant expansion of the agency’s operational footprint. For broker-dealers and market makers, direct federal oversight could bring more predictable cost structures and eliminate the governance conflicts that have fueled litigation.