Warren and Schiff urge SEC to probe Trump Media's Truth API for securities law violations

Published Jul 29, 05:04 PM UTC

Senators Elizabeth Warren and Adam Schiff have written to Securities and Exchange Commission Chair Paul Atkins, urging an investigation into whether Trump Media & Technology Group's paid data feed, Truth API, violates federal securities law. The service, announced on July 16 and scheduled to launch on August 1, delivers posts from Truth Social's most-followed accounts to subscribers within milliseconds, with potential fees up to $100,000 per month. The senators argue that President Donald Trump, who holds roughly 41% of Trump Media through a revocable trust, stands to personally profit from the service, which they say could enable insider trading and market manipulation by high-frequency trading firms. They cited instances where Trump's Truth Social posts moved markets, including posts about Citigroup and Palantir Technologies. A Trump Media spokesperson rejected the allegations, accusing Democrats of misrepresenting the service. The SEC declined to comment. The letter follows earlier concerns raised by ethics attorney Virginia Canter and Senator Mark Warner about conflicts of interest.