The Cato Institute is a prominent American libertarian think tank based in Washington, D.C., founded in 1977 by Charles Koch and others. It promotes individual liberty, limited government, free markets, peace, and reduced government intervention. Operating as a 501(c)(3) nonprofit, Cato produces a wide range of policy research, books, and periodicals such as the Cato Journal and Regulation. While heavily funded by conservative donors and aligned with conservative organizations on economic issues like deregulation and tax reform, the Institute maintains distinct libertarian positions on social and foreign policy, including advocacy for drug decriminalization, criminal justice reform, and a non-interventionist foreign policy. In 2012, it was involved in a significant legal dispute between its founders and the Koch brothers over board control and intellectual independence, which was resolved through a reorganization that ended the Koch brothers' ownership stake and expanded the board to ensure independence from any single donor. As of 2024, the Cato Institute remains an influential force in Washington policy circles, frequently providing expert testimony to Congress and engaging in constitutional litigation, such as challenging SEC gag orders.