Trump’s $100,000 Truth API Faces SEC Investigation Demand: Two Precedents Show How it Ends
Senators Elizabeth Warren and Adam Schiff requested the US Securities and Exchange Commission (SEC) to research Truth API, the Trump Media & Technology Group feed that sells Wall Street companies early entry to President Donald Trump’s Truth Social posts.
Trump Media has mentioned charging between $60,000 and $100,000 a month. The service goes dwell on August 1, leaving the company three days to behave.
Why Warren and Schiff Want an SEC Investigation Into Truth API
Warren is the rating Democrat on the Senate Banking Committee. Schiff sits on Judiciary. They wrote to SEC Chair Paul Atkins on July 28.
Their argument issues latency, not content material. Truth API routes posts from the ten most influential Truth Social accounts to paying shoppers first.
Trump owns roughly 41% of Trump Media via a belief his youngsters oversee. He earnings from each subscription.
The senators cited his file of naming tickers, together with Citigroup, Intel and Palantir. A CNN evaluate discovered he had bought shares before praising 21 corporations. Researchers have individually flagged trades spiking before announcements.
“This seems to be an outrageous abuse of the President’s workplace for his private profit that undermines on a regular basis traders and the integrity of our markets, whereas enriching Wall Street and different rich insiders,” Warren and Schiff wrote within the letter.
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How Truth API Compares to Past Paid Early-Access Deals
Regulators have already dismantled two preparations like this one.
In July 2013, Thomson Reuters suspended a deal giving choose shoppers University of Michigan client sentiment knowledge two seconds early. Those subscribers paid as much as $6,025 a month.
In February 2014, Berkshire Hathaway’s Business Wire terminated direct feeds to high-frequency merchants. Both adopted stress from then New York Attorney General Eric Schneiderman.
Truth API’s ceiling worth runs roughly 16 instances the Michigan premium. Neither precedent concerned a sitting president.
Why Regulation FD May Not Cover the Truth Social Feed
Regulation FD, adopted in August 2000, bars issuers from selectively disclosing materials nonpublic details about themselves to brokers, advisers and funds.
Truth API sells coverage alerts, not firm data. That hole explains why the senators reached for insider buying and selling and market manipulation statutes as an alternative.
What Happens Before the August 1 Launch
Trump Media rejects the framing outright.
“The Senators will need to have invented a brand new concept of ‘insider buying and selling’ primarily based on publicly out there data,” a Trump Media spokesperson indicated.
The SEC confirmed receipt and declined remark. Atkins, sworn in throughout April 2025 after working the consultancy Patomak Global Partners, has favored lighter enforcement.
Trump Media says it has signed prospects however won’t identify them. BeInCrypto reported that paying firms get priority over the general public.
Revenue stress explains the urgency. The firm posted a $406 million quarterly loss within the first quarter of 2026, and DJT trades close to $9.85, about 80% beneath its March 2024 debut.
A proper enforcement motion inside three days is unlikely. SEC investigations open quietly and the company virtually by no means confirms them.
The 2013 and 2014 instances ended otherwise. In each, the seller withdrew the product voluntarily as soon as consumers grew uncomfortable being named.
That makes the subscriber checklist the stress level. Reuters reported that business sources see rising authorized and political danger for any agency that indicators up.
Two alerts matter over the subsequent month. Whether Atkins opens a file in any respect, and whether or not a single financial institution admits to purchasing the feed.
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