U.S. lawmakers have formally pressed the Securities and Exchange Commission (SEC) to investigate Trump Media & Technology Group over its controversial plan to sell high-speed, real-time access to President Donald Trump’s posts on Truth Social (via an API feed often referred to as a “fast feed”).
As reported by Reuters, democratic senators Elizabeth Warren and Adam Schiff on Tuesday asked the U.S. securities regulator to probe whether Truth Social parent Trump Media’s plan to sell early access to President Donald Trump’s social media posts breaks the law.
Trump Media, or TMTG, unveiled a paid, licensed data feed this month that will give trading firms “the fastest” access to posts from the 10 most influential Truth Social accounts, including Trump’s.
Lawmakers argue that selling a millisecond-level informational edge to sophisticated Wall Street algorithmic traders and hedge funds creates an uneven playing field.
“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 wealthy insiders,” Warren and Schiff said in the July 28 letter to Securities and Exchange Commission Chairman Paul Atkins.
A spokesperson for the SEC and Atkins, a free-market Republican appointed to the role by Trump who has generally taken a softer stance on enforcement, confirmed receiving the letter but declined to comment further.
Trump Media has discussed charging as much as $100,000 a month for the Truth API product, Reuters and other media outlets have reported.
Trump’s social media posts have in the past moved markets, and the profits of many top trading firms, hedge funds and financial services firms depend heavily on the speed at which they can trade off such news.
Trump, who owns about 41% of Trump Media through a trust his children oversee, stands to profit from the paid access model.
The company said it has already signed up customers ahead of the August 1 launch, but did not identify them.
Warren and Schiff said, Truth API is the latest example of the president mixing his personal business with presidential affairs, raising ethical issues.
Because President Trump frequently uses Truth Social to make major policy statements that instantly impact stocks, bonds, oil, and currency markets, critics argue his communications should not be monetized as a premium financial product.
