NCLA Files Lawsuit Against SEC Over Unauthorized Data Collection

The New Civil Liberties Alliance alleges the SEC is illegally gathering extensive financial data from U.S. stock market investors without Congressional approval.

The NCLA claims the SEC's Consolidated Audit Trail program collects vast amounts of personal data in violation of the Fourth Amendment.
The lawsuit, filed in the Western District of Texas, describes the program as the largest government-mandated data collection in U.S. history.
Critics argue the SEC's actions constitute an overreach of authority, potentially endangering the privacy and financial security of millions.
Former Attorney General William Barr criticized the SEC’s methods as contrary to Fourth Amendment protections.
The SEC maintains that its actions are within its regulatory responsibilities, despite the allegations.