According to CoinMeta, the U.S. Securities and Exchange Commission (SEC) has proposed a plan to take over the Comprehensive Audit Tracking System (CATS) and replace its funding model, with the transition period expected to last until the end of 2027. SEC Chair Paul Atkins stated in a letter on August 10 that staff need to prepare recommendations on how to fund, manage, and operate the market monitoring system, and to examine whether the costs of CATS can be covered through congressional appropriations or transaction fees under Section 31 of the Securities Exchange Act. The SEC will also assess the required personnel and technology. This plan may repeal National Market System Rule 613, which led to the creation of CATS. Atkins asked staff to consider requiring stock exchanges and brokers to directly send data to the SEC. The existing infrastructure and technical reporting standards will continue to be used to minimize disruptions during the transition period. It is anticipated that multiple tasks will be carried out simultaneously, and Atkins indicated that the takeover process may not be completed by the end of 2027.