The SEC’s concept release on the Consolidated Audit Trail (CAT) presents a narrative of regulatory refinement, emphasizing cost reduction, privacy protections, and public engagement. At its strongest, this narrative acknowledges past criticisms of the CAT—such as its high costs and invasive data collection—and frames the current review as a responsive, iterative process. The SEC deserves credit for transparently seeking input on structural and existential questions about the CAT, rather than pro...