Scoop: Lawmaker asks SEC to investigate Truth Social's plan to monetize access to its data

Axios reports that Representative Ritchie Torres has asked the Securities and Exchange Commission to investigate whether Truth Social's plan to sell real-time access to President Trump's posts could violate federal securities laws. The parent company, Trump Media & Technology Group, is launching its Truth API product on August first, offering Wall Street firms priority access to posts from the platform's top accounts—for up to one hundred thousand dollars per month. Torres argues that this creates an unfair informational advantage for institutional traders over retail investors, particularly since Trump himself retains a roughly forty-one percent stake in the company. The concern crosses party lines: Senate Minority Leader Chuck Schumer called it the definition of insider trading, while Senate Majority Leader John Thune acknowledged the product will face regulatory scrutiny. The SEC has previously probed TMTG's accounting and the SPAC merger that created the company, setting the stage for an extended review.

Listen to this story

Hear this and more stories in a personalized audio briefing.

Open The Chonkerton