CAT on life support after appeals court ruling
Ahead of a comprehensive review promised by the SEC, lawyers believe that the recent overturn of the Consolidated Audit Trail’s funding order could herald its demise.
The Ship of Theseus is a thought experiment first observed by the Greco-Roman philosopher Plutarch at the beginning of the second century. It asks whether a ship that has had all its pieces replaced can still be called the same ship.
The Consolidated Audit Trail’s shift in definition from an industry-funded goodwill tool to help the US Securities and Exchange Commission prevent future Flash Crashes into a legally dubious surveillance apparatus with spiraling costs looks suspiciously ship-shaped.
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