Legislators ponder cybersecurity of market auditing system

But Tyler Gellasch, the executive director of the Healthy Markets Association, argued that the cybersecurity concerns raised by Huizenga and others are little more than a smokescreen to continue to delay CAT's release.

CAT has been under development since 2010 and has had repeated deadline extensions. It took until this year to finally select a contractor to design the system.

"We are ostensibly here to talk about data security," he said, "but I’ll assert that this hearing is really about whether for-profit market participants — some of whom may have the most to lose by the creation of the CAT — are able to exploit a convenient public fear to continue to deny regulators the basic tools they need to police the markets."

"After years of delays and exemptions, they have simply run out of other excuses," he later added.

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Gellasch argued that the security processes in place have been well-vetted at this point and delaying the process any further only allows market manipulators to continue. 

Read more in The Hill.