Democrat senators ask US SEC to probe Trump Media’s fast feed sale

U.S. Democratic senators are urging the Securities and Exchange Commission to investigate Trump Media's new "Truth API" product, which offers early access to posts from influential accounts, including President Donald Trump's, for a hefty fee. Senators Elizabeth Warren and Adam Schiff sent a letter to the SEC on Tuesday, expressing concern that the plan to charge up to $100,000 per month for this service could be illegal.

In their letter, Warren and Schiff described the product as an "outrageous abuse of the President’s office for his personal benefit." They argued that it undermines everyday investors and market integrity while enriching Wall Street insiders. The senators also highlighted that Trump's social media posts have previously influenced markets, and trading firms' profits often depend on the speed of accessing such news.

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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.

A spokesperson for Trump Media, or TMTG, dismissed the senators' concerns, stating they "mischaracterize Truth API either out of ideological opposition to free markets or a failure to grasp the distinction between public and nonpublic information." The White House referred requests for comment to the company. The SEC confirmed receipt of the letter but declined to comment further.

Trump Media announced the paid data feed this month, aiming to give trading firms the fastest access to posts from the 10 most influential Truth Social accounts. The company stated it has already signed up customers ahead of the August 1 launch, though it did not identify them. Trump, who owns approximately 41 percent of Trump Media, stands to profit from this model. Senators Warren and Schiff previously raised ethical concerns about the president mixing personal business with presidential affairs.

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Senate Democrats continue to mischaracterize Truth API either out of ideological opposition to free markets or a failure to grasp the distinction between public and nonpublic information, or, quite possibly, both.