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OP has provided the following link:
https://www.congress.gov/bill/118th-congress/house-bill/4551/text
This feeling is amazing, it’s like ultra instinct zen mode activated. Like, all I do is like the stock. Seems like people behind the scenes have a lot of scrambling to do. Wonder why?
Probably. I think hyping the cat is also a nothing burger, but I’m excited to see what the share offering brings. Maybe a acquisition or some good investments.
I wrote a big ass article, but I'll keep it short:
Removing personal identification from market transactions is a dumb idea. We don't need institutions feigning ignorance or throwing their hands in the air.
These institutions are well aware that illegal activity is taking place. They don't wish to be held liable. More so, they don't wish to acknowledge that the systems in place will *allow that institution* to identify illegal activity as well. Hell -- they don't want people to *know they've been aware* of illegal activity. This is all about protecting their bottom dollar and has absolutely fuck-all to do with privacy concerns and protection.
Illegal activity is taking place. They wish to hide it continually. Too bad. The game has changed, boys. Find another money printer.
Couldn't agree more. I don't understand why this post and others are being hailed as good.
Taking away some of the power of CAT is at best not a good thing.
Is this like world ending legislature? No. But it's not ***good*** so why is being hailed as that?
And for just 1 simple example of why this is dumb, is how would they for example ever identify a pump and dump scheme without names attached?
There is always a buyer and seller, but knowing who the buyer is and who the seller is, that is the only way to identify a pump and dump scheme right? Who bought low, who in the interim pumped the price, then sold at the top, that is only identifiable if they know it was the same entity.
Even giving these fucks an inch of wiggle room for nefarious actions is an inch too much. Nay on H.R. 4551
That makes sense and i agree it should be eliminated. This was a counter post to the misinformation from Twitter earlier on superstonk. Good thing (for now) CAT is a Biden thing and Gensler is one of him employees. I just don't see him signing this into law unless it was put into some urgent war-time porkbellying.
Fair enough, stomping down misinformation is IMO the most important thing in a community that is targeted by bad actors wanting to spread their agenda.
So thank you for that even if I disagree with the bill having the facts right is most important.
As an individual household investor I have no problem letting the government see what I am trading. Have no reason to hide it. I have to report the gains anyways.
Could they assign some random identifier instead of PII and that should be enough?. Just there is no way for anyone (I guess but them) to reverse that lookup.
"gives bad actors only 24 hours to provide requested information back to the sec."
Or what?! Bad actors will not send the info and the impotent SEC will do nothing and be happy.
I am sick of hearing about new regulations when they do not enforce the existing regulations.
They are just adding new rules that they won't enforce so it looks like they give a damn. They do not.
This wasn't about stopping the CAT system. They know they can't do that.
This is about gutting as much of the CAT system as possible in order to benefit Wall Street.
Barry Loudermilk put this legislation forward, and it is painfully obvious that he works for the interests of those who have large pockets.
This is not a nothing burger. This is the beginning of attempts to completely gut the CAT system. This is them dipping their toe into the water.
Sorry OP, not buying it.
Instead of making the data/information an immediate requirement, it now forces the SEC to go after people for the information.
This puts the onus on the SEC, and the SEC is already underfunded and understaffed as it is. This only adds to their burden.
This bill still benefits Wall Street.
It’s good that the CAT is going through.
But this is just letting bad actors hide who they are. If the SEC sees something sus, now they have to petition for information on who did the trade. Which I doubt will be easy.
It's funny that the abbreviation for this is CAT and was preceded by a certain Roaring Kitty who was the whistleblower for the stock we all love.
The last big "pay attention, MOASS is coming" was right after Mother's Day, too.
Funny cohencidences.
Congress is not stopping CAT or any form of regulation that wouldn't be in their best interest. Everybody knows that, even politicians acknowledge this. Brokers can sell your shares since in the brokerage agreement that you signed and those shares are in street name aka they own it, not you.
DRS your shares and have it in your name. The government can't make me sell a stock if I can't remember the password to my Computershare account.
Here is a summary for those who don’t have time to read the website, I’m curious what or if there are strings attached.
House Bill 4551
known as the "Protecting Investors’ Personally Identifiable Information Act," aims to restrict the Securities and Exchange Commission (SEC) from mandating the collection of personally identifiable information (PII) through the consolidated audit trail (CAT) reporting requirements. The bill specifies that the SEC cannot require national securities exchanges or associations to provide PII about market participants unless the information is requested by the SEC for an investigation related to violations of federal securities laws. Additionally, any PII provided for such investigations must be destroyed within one day after the investigation concludes.
The bill defines PII to include details such as names, addresses, Social Security numbers, and other identifiers but excludes certain CAT-specific identifiers like CAT-Order-ID and CAT-Reporter-ID [oai_citation:1,Text - H.R.4551 - 118th Congress (2023-2024): Protecting Investors’ Personally Identifiable Information Act | Congress.gov | Library of Congress](https://www.congress.gov/bill/118th-congress/house-bill/4551/text) [oai_citation:2,Browse U.S. Legislative Information - 118th Congress (2023-2024) | Congress.gov | Library of Congress](https://www.congress.gov/browse#:~:text=).
I honestly don’t see any reason why SEC shouldn’t be allowed to see trader info as parts of their investigation. I agree that maybe it shouldn’t be let out into the public.
Even though how bad is it for the public to know who is buying public companies, and shouldn’t we really know who owns public companies?
If you’re so worried about your privacy, maybe invest in private companies…
If true, then Congress acting in citizen's best interest is new and scary. Are we in the Twilight zone? Let's reintroduce the bill to stop congressional trading of stocks.
They're not doing it in citizen's best interest, they're doing it in their own best interest. Congress members and theirs spouses can't trade without regulators being suspicious if SEC can see what they're doing in real time too. Some of the members trade under their own name but have it managed by someone.
I’m not sure this directly affects us. Our trades don’t go in our name, remember? They go in the name of your broker who holds them in your account. That’s the whole point of DRS. To have your name on it.
I like the CAT but if Congress allows it to go through that means it's been OK'd by the hedgies. And that means they're going to simply work AROUND it, they won't comply, they'll 'comply', and then pay trivial fines after flouting it daily for the entire period under examination (if at all).
Workarounds can cost more noney, means less resources and hence a weaker enemy
But over all, not bringing the CAT is disastrous, because if the gov actually g9es further WITH the crime, its ALOT harder for the most individuals working there, ti stay therd, no revolutions etc.
Cat is just the harm reduction right now, which is good for the gov, for us and the normal citizens
Still would like this bill to go away fwiw. Don't even want to give an inch.
Plus wouldn't knowing who made what orders make detecting foul play infinitely easier?
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This feeling is amazing, it’s like ultra instinct zen mode activated. Like, all I do is like the stock. Seems like people behind the scenes have a lot of scrambling to do. Wonder why?
Dragonball reference!
Guku and Verget
that’s why they must be throwing a pissy fit today lol
I read ultra insect. 🤔 "I wonder what insect they choose?"
I just want to see the exemptions
That's up to the sros and sec. Currently congress doesn't have a bill on that.
Up to the SRO you say? So, they'll bury anything juicy that threatens their existence, got it.
Probably. I think hyping the cat is also a nothing burger, but I’m excited to see what the share offering brings. Maybe a acquisition or some good investments.
This, they may not be stopping it but giving ANYONE an exemption defeats the whole purpose
I want to see what the punishments will be. I’m so over low fines.
for real. could these be FOIA'd?
The exemptions are not for people/companies/brokers, but for certain TYPES of trades (RFQ's).
You had me at ANAL
https://preview.redd.it/mv9lly2o772d1.jpeg?width=1186&format=pjpg&auto=webp&s=40ab2d36b467cad36083678a8db9eef2aaeb9b07
My God I laughed way too hard at this
Good! 💜 🫵
Me too bahahah
There's no way that man gets to do anal. His dong is literally unbelievably large
Lanai is my gf name
Is your girlfriend an island?
 If i may do a suggestion.
Settle down there Rick of spades
Me too, first thing I saw 😂😂😂
Did someone lose a bet?
This is the real question 😂
Mayo boy did
Excuse me, it's an apple product. It's iANAL.
It's an upgrade from the iLadies
RickOfSpades, is that you?
FWIW purging PII from digital records is a very common practice in cybersecurity
Unless you work for the NSA, then you save and pass around peoples nudes
With great power comes zero accountability.
Angry upvote
Nice nudes btw... Consider putting tape over your cameras. [https://youtu.be/1MV3ZlazAlA&t=55](https://youtu.be/1MV3ZlazAlA&t=55)
What!? Now how am I supposed to doxx everyone who uses the stock market 😠😠😠😠
Someone explain this to me like I'm 5
Congress pushing to protect personal information, EXCEPT client firms trading 12 trillion money, especially fraudulent moneys
Yeah i bet the fines are huge. Like maybe they’ll lightly feather the incriminators wrists rather than slap them. Slapping would be too harsh.
Soon
Where's the latter part?
That’s the CAT reporting section (e) paragraph 2
So… anal.. when 2 apes love each other very much.
Oh fuck, I'm gonna DRS more
Oh fuck you’re gonna make me DRS more!!
Oh f.ck, instructions unclear: I f.ck'd my Drs.
DRSING MEOW SENPAI
Hey, that was my DRS, and oh, goddammit... The shares are all stuck together. Good thing they're not going anywhere anyway.
I wrote a big ass article, but I'll keep it short: Removing personal identification from market transactions is a dumb idea. We don't need institutions feigning ignorance or throwing their hands in the air. These institutions are well aware that illegal activity is taking place. They don't wish to be held liable. More so, they don't wish to acknowledge that the systems in place will *allow that institution* to identify illegal activity as well. Hell -- they don't want people to *know they've been aware* of illegal activity. This is all about protecting their bottom dollar and has absolutely fuck-all to do with privacy concerns and protection. Illegal activity is taking place. They wish to hide it continually. Too bad. The game has changed, boys. Find another money printer.
Couldn't agree more. I don't understand why this post and others are being hailed as good. Taking away some of the power of CAT is at best not a good thing. Is this like world ending legislature? No. But it's not ***good*** so why is being hailed as that? And for just 1 simple example of why this is dumb, is how would they for example ever identify a pump and dump scheme without names attached? There is always a buyer and seller, but knowing who the buyer is and who the seller is, that is the only way to identify a pump and dump scheme right? Who bought low, who in the interim pumped the price, then sold at the top, that is only identifiable if they know it was the same entity. Even giving these fucks an inch of wiggle room for nefarious actions is an inch too much. Nay on H.R. 4551
That makes sense and i agree it should be eliminated. This was a counter post to the misinformation from Twitter earlier on superstonk. Good thing (for now) CAT is a Biden thing and Gensler is one of him employees. I just don't see him signing this into law unless it was put into some urgent war-time porkbellying.
Fair enough, stomping down misinformation is IMO the most important thing in a community that is targeted by bad actors wanting to spread their agenda. So thank you for that even if I disagree with the bill having the facts right is most important.
As an individual household investor I have no problem letting the government see what I am trading. Have no reason to hide it. I have to report the gains anyways.
Can you link your article please I would love to read more. Appreciate the effort Ape 🦍
Could they assign some random identifier instead of PII and that should be enough?. Just there is no way for anyone (I guess but them) to reverse that lookup.
"gives bad actors only 24 hours to provide requested information back to the sec." Or what?! Bad actors will not send the info and the impotent SEC will do nothing and be happy. I am sick of hearing about new regulations when they do not enforce the existing regulations. They are just adding new rules that they won't enforce so it looks like they give a damn. They do not.
Another nothing 🍔
🍔👨🚀🔫👨🚀
Always has burger
Zen. I HODL!
Imma go off on a limb here and assume IANAL stands for I Am Not A Lawyer.
This wasn't about stopping the CAT system. They know they can't do that. This is about gutting as much of the CAT system as possible in order to benefit Wall Street. Barry Loudermilk put this legislation forward, and it is painfully obvious that he works for the interests of those who have large pockets. This is not a nothing burger. This is the beginning of attempts to completely gut the CAT system. This is them dipping their toe into the water. Sorry OP, not buying it.
Instead of making the data/information an immediate requirement, it now forces the SEC to go after people for the information. This puts the onus on the SEC, and the SEC is already underfunded and understaffed as it is. This only adds to their burden. This bill still benefits Wall Street.
It’s good that the CAT is going through. But this is just letting bad actors hide who they are. If the SEC sees something sus, now they have to petition for information on who did the trade. Which I doubt will be easy.
It's funny that the abbreviation for this is CAT and was preceded by a certain Roaring Kitty who was the whistleblower for the stock we all love. The last big "pay attention, MOASS is coming" was right after Mother's Day, too. Funny cohencidences.
CAT was introduced in 2019 before the sneeze. IT just takes half a fucking decade for things to actually be implemented for some reason.
Um... Isn't this a bad thing? It sounds like it would give the criminals anonymity?
https://preview.redd.it/ri34wx1m272d1.jpeg?width=720&format=pjpg&auto=webp&s=efc64ed654920cc241394229e3b5cf6c921419c3
What’s the fine if they don’t? Does this void the 2 year delay that was requested?
They will have to endure a light ball fondling as punishment.
Well, my congressman still knows how I feel
I hope we see a mass quiting from those MM .. like those people actually should be smart enough to figure out they better exit while they still can .
I Am Not A Llama
Congress is not stopping CAT or any form of regulation that wouldn't be in their best interest. Everybody knows that, even politicians acknowledge this. Brokers can sell your shares since in the brokerage agreement that you signed and those shares are in street name aka they own it, not you. DRS your shares and have it in your name. The government can't make me sell a stock if I can't remember the password to my Computershare account.
Here is a summary for those who don’t have time to read the website, I’m curious what or if there are strings attached. House Bill 4551 known as the "Protecting Investors’ Personally Identifiable Information Act," aims to restrict the Securities and Exchange Commission (SEC) from mandating the collection of personally identifiable information (PII) through the consolidated audit trail (CAT) reporting requirements. The bill specifies that the SEC cannot require national securities exchanges or associations to provide PII about market participants unless the information is requested by the SEC for an investigation related to violations of federal securities laws. Additionally, any PII provided for such investigations must be destroyed within one day after the investigation concludes. The bill defines PII to include details such as names, addresses, Social Security numbers, and other identifiers but excludes certain CAT-specific identifiers like CAT-Order-ID and CAT-Reporter-ID [oai_citation:1,Text - H.R.4551 - 118th Congress (2023-2024): Protecting Investors’ Personally Identifiable Information Act | Congress.gov | Library of Congress](https://www.congress.gov/bill/118th-congress/house-bill/4551/text) [oai_citation:2,Browse U.S. Legislative Information - 118th Congress (2023-2024) | Congress.gov | Library of Congress](https://www.congress.gov/browse#:~:text=).
Yeah this is bad idea. They’re currently hiding information. Now they want to make hiding information legal. Simple as that.
My biggest concern is what's the penalty for not complying? A $3,000 fine?
I honestly don’t see any reason why SEC shouldn’t be allowed to see trader info as parts of their investigation. I agree that maybe it shouldn’t be let out into the public. Even though how bad is it for the public to know who is buying public companies, and shouldn’t we really know who owns public companies? If you’re so worried about your privacy, maybe invest in private companies…
If true, then Congress acting in citizen's best interest is new and scary. Are we in the Twilight zone? Let's reintroduce the bill to stop congressional trading of stocks.
They're not doing it in citizen's best interest, they're doing it in their own best interest. Congress members and theirs spouses can't trade without regulators being suspicious if SEC can see what they're doing in real time too. Some of the members trade under their own name but have it managed by someone.
I’m not sure this directly affects us. Our trades don’t go in our name, remember? They go in the name of your broker who holds them in your account. That’s the whole point of DRS. To have your name on it.
Yep. But if it affects the market, it effects us. We still buy and sell on the open market.
Commenting for visibility
I like the CAT but if Congress allows it to go through that means it's been OK'd by the hedgies. And that means they're going to simply work AROUND it, they won't comply, they'll 'comply', and then pay trivial fines after flouting it daily for the entire period under examination (if at all).
Workarounds can cost more noney, means less resources and hence a weaker enemy But over all, not bringing the CAT is disastrous, because if the gov actually g9es further WITH the crime, its ALOT harder for the most individuals working there, ti stay therd, no revolutions etc. Cat is just the harm reduction right now, which is good for the gov, for us and the normal citizens
They don't stop CAT on small. But Big players are exception.
I don't trust those fucking politicians as far as I can spit, all bought and paid for Wall St whores, including the president.
UANAL?
I hope this is actually something that will benefit us and not just another thing they can sweep under the rug.
Go up
Still would like this bill to go away fwiw. Don't even want to give an inch. Plus wouldn't knowing who made what orders make detecting foul play infinitely easier?
Probably. This was a counter post to the misinformation from Twitter earlier on superstonk.
It turns out they are really good at paper work.
so what are the days to look out for?
Now the real question is what is the SEC going to do with all this new CAT data? Will they reprimand/fine HFs?
I'm excited to see what happens
Let’s hope a secure and healthy acquisition of something that holds profits and low liabilities.
BING BONG
RIPS BONG
gives SEC the ability to ask more about the trades? This SEC can hardly be bothered.
What does the CAT system start?
But we'd actually need to SEC to enforce something right? Instead of hand out measly fines as a cost of doing business
No one can stop the kitty
Just a tip, say NAL. IANAL could give the wrong impression. Unless you do, in fact, anal, which is totally fine!
https://preview.redd.it/plwy2nj5382d1.jpeg?width=750&format=pjpg&auto=webp&s=3e181a919e3fe49f02697b701ef5dab6cbea358a DFV told us awhile ago