In a recent statement, SEC Commissioner Caroline A. Crenshaw expressed serious concerns over the agency’s decision to scale back the Consolidated Audit Trail (CAT) system, a vital tool designed to enhance market transparency and protect investors. “Unfortunately, today we eliminate the CAT’s collection of the most basic customer identifying information, thus impairing regulators’ ability to understand suspicious activity, unwind events, or stave off market disruptions,” said commissioner Caroline A. Crenshaw. Commissioner Crenshaw’s lament over the SEC’s decision to weaken the CAT system highlights a pressing issue that could have dire consequences for retail investors.