Story
Warren, Schiff Urge SEC Probe into Trump Media's High-Speed Data Feed
Summary
Two Democratic senators have asked the SEC to investigate whether Trump Media's plan to sell early, high-speed access to President Trump's social media posts constitutes an illegal market advantage and an abuse of office.
Democratic Senators Elizabeth Warren and Adam Schiff have formally requested that the U.S. Securities and Exchange Commission (SEC) investigate Trump Media & Technology Group's plan to sell a high-speed data feed of President Donald Trump's social media posts. The lawmakers contend the service could violate securities laws and represents an abuse of the presidential office for personal financial gain.
Lawmakers Allege Unfair Advantage
In a July 28 letter to SEC Chairman Paul Atkins, the senators targeted TMTG's new "Truth API" product, which is scheduled to launch on August 1. According to a Reuters report, the paid service will offer trading firms and other financial clients "the fastest" access to posts from ten influential Truth Social accounts, including President Trump's.
The letter describes the plan as an "outrageous abuse of the President’s office for his personal benefit that undermines everyday investors and the integrity of our markets." TMTG has reportedly considered charging as much as $100,000 per month for the data feed. President Trump, who owns approximately 41% of Trump Media, would be a primary beneficiary.
Market and Ethical Concerns
The core of the senators' argument is that selling privileged, early access to market-moving information from a sitting president could create an unfair advantage for well-funded traders. President Trump's social media commentary has historically impacted stock prices, making high-speed access a valuable commodity for firms that rely on fast execution.
AdWarren and Schiff also warned that the practice raises the risk of insider trading and undermines investor confidence. They noted that the president has previously used his Truth Social account to endorse specific stocks, including Citigroup, Intel, and Palantir. Some ethics experts have argued the president's posts should be considered public government information, which must be disseminated broadly and equally.
Official Response
An SEC spokesperson confirmed to Reuters that the agency had received the letter but declined to comment further on the matter. Trump Media & Technology Group and the White House did not immediately respond to requests for comment, according to the report.
TMTG has stated it has already signed up customers for the data service ahead of its launch, though it has not disclosed their identities.
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