In 2012 after the financial crisis, the U.S. Securities and Exchange Commission (SEC) adopted Rule 613, requiring national securities exchanges and the Financial Industry Regulatory Authority (FINRA) to establish a Consolidated Audit Trail (CAT) system. However, the Blockchain Association and DeFi Education Fund raised concerns in an amicus curiae brief, highlighting privacy issues with the system. They claim that the CAT system could turn blockchain into a massive, fully de-anonymized repository, allowing government searches without any reason. Additionally, the organization warns of cybersecurity vulnerabilities, posing a risk of hacking attacks on the CAT database. The report notes that user data submitted to the CAT database could be leaked to external parties through accidental or malicious attacks. Despite organizations increasing their investments in cybersecurity in the past, data breach incidents continue to rise.