Lawmaker asks SEC to probe Truth Social's plan to sell real-time data to Wall Street

Published Jul 22, 05:06 PM UTC

Rep. Ritchie Torres (D-N.Y.) has asked the U.S. Securities and Exchange Commission to investigate Truth Social parent company Trump Media & Technology Group's (TMTG) plan to sell Wall Street firms real-time access to President Trump's social media posts. The product, Truth API, is set to launch August 1 and would provide institutional investors with faster access to posts from the platform's top 10 trending accounts for a licensing fee of up to $100,000 per month. Torres argues this could violate securities laws, enable market manipulation, and give wealthy investors an unfair advantage over retail traders. The letter notes President Trump retains a roughly 41% stake in TMTG through a revocable trust. Bipartisan criticism has emerged, with Senate Minority Leader Chuck Schumer calling it 'the definition of insider trading' and Senate Majority Leader John Thune suggesting it will face regulatory scrutiny. TMTG defends the product as providing the fastest access to publicly available data.