US Democratic lawmakers press SEC to probe Trump Media's fast feed
The senators said the paid Truth API could give traders early access to Trump posts and unfair market advantages, with pricing reported at up to $100,000 a month.
- On Tuesday, Democratic senators Elizabeth Warren and Adam Schiff asked the SEC to investigate whether Trump Media's "Truth API" violates the law, citing concerns about selling early access to President Donald Trump's social media posts.
- Trump Media recently unveiled the "Truth API," a data feed designed to give trading firms "the fastest" access to posts from the 10 most influential Truth Social accounts, with monthly fees reportedly reaching $100,000.
- Warren and Schiff argued the arrangement constitutes an "outrageous abuse of the President's office" that undermines investor confidence and creates an uneven playing field for retail investors by enabling potential insider trading.
- A spokesperson for the SEC and Chairman Paul Atkins confirmed receiving the letter but declined further comment, while Trump Media stated they have already secured customers ahead of the August 1 launch.
- Ethics experts argue Trump's posts constitute government information he must disseminate publicly, distinguishing the service from standard platform practices and potentially exposing it to Democratic investigations if they gain control of Congress in November.
22 Articles
22 Articles
Senators Urge SEC to Investigate Truth Social Plan to Sell Access to Wall Street
Two influential Senate Democrats are pushing back on the nearly unfathomable idea that a company owned by the sitting U.S. president can sell Wall Street early access to that president’s thoughts and actions. Sen. Elizabeth Warren (D-MA), ranking member of the Senate Banking Committee, and Sen. Adam Schiff (D-CA), a member of the Senate Judiciary Committee, called on Securities and Exchange Commission Chair Paul Atkins to “immediately” investiga…
SEC Pushed To Investigate Trump Selling His Posts
CNBC reports: Sens. Elizabeth Warren and Adam Schiff asked the U.S. Securities and Exchange Commission to investigate whether Trump Media & Technology Group is violating the law by selling faster access to President Donald Trump’s Truth Social posts. “This appears to be an outrageous abuse of the President’s office for his personal benefit that undermines everyday investors and the integrity of our markets, while enriching Wall Street and other …
"It looks like an outrageous abuse of the president's office for personal gain, which undermines ordinary investors and the integrity of our markets, while enriching Wall Street and other wealthy holders," they said.
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