The following Letter Type E, or variations thereof, was submitted by individuals or entities.

Letter Type E:

The Consolidated Audit Trail should be preserved, strengthened, and improved, not dismantled. Financial markets are extraordinarily complex, and regulators need a comprehensive audit trail to effectively monitor trading activity, investigate misconduct, reconstruct market events, and enforce securities laws. While concerns about cost, governance, privacy, and efficiency are legitimate, those concerns should be addressed through reforms and enhancements to CAT rather than eliminating it. Reducing transparency or weakening regulatory visibility would make it harder to detect market manipulation, investigate abuses, and maintain investor confidence. The appropriate response to an imperfect oversight tool is to improve it, not remove it.