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WASHINGTON – The American Securities Association (ASA) today sent a letter to Securities and Exchange Commission Chair Gary Gensler following the recent attack by Chinese Communist Party-sponsored hackers breach of the U.S. Treasury Department. In the letter, ASA called on the SEC to immediately halt the collection of retail investor personally identifiable information (PII) and remove it from the Consolidated Audit Trail (CAT) national registry.
“It is undeniable that CCP-backed cybercriminals are increasing their aggression and this is happening as U.S. authorities continue to struggle to detect ever-evolving threats and keep up with the sophistication of these nefarious actors,” ASA President and CEO Chris Iacovella said. “The breach at Treasury is only the latest instance of state-sponsored hackers attacking government institutions.”
“ASA again calls on the SEC to act responsibly and immediately end the collection of retail investor personal and financial information by the CAT,” Iacovella wrote in the letter. “This is the ONLY way to protect Americans from the inevitable breach of this unconstitutional national registry by cybercriminals and the CCP-sponsored hackers.”
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The American Securities Association (ASA) represents the retail and institutional capital markets interests of regional financial services firms who provide Main Street businesses with access to capital and advise hardworking Americans how to create and preserve wealth. ASA’s mission is to promote trust and confidence among investors, facilitate capital formation, and support efficient and competitively balanced capital markets. This mission advances financial independence, stimulates job creation, and increases prosperity. The ASA has a geographically diverse membership of almost one hundred members that spans the Heartland, Southwest, Southeast, Atlantic, and Pacific Northwest regions of the United States.
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