Warren, Schiff urge SEC to probe Trump Media's paid service giving faster access to Trump's posts
Securities and Exchange Commission to investigate whether Trump Media & Technology Group is violating the law by selling faster access to President Donald...
Key points
- Securities and Exchange Commission to investigate whether Trump Media & Technology Group is violating the law by selling faster access to President Donald Trump's Truth Social posts.
- They asked Atkins to complete a legal analysis of Trump Media's new service, including laws that "prohibit insider trading and market manipulation," before it begins on Aug.
- TMTG operates Truth Social, the social media platform where Trump's account is the most followed by far, and the company has branched into numerous other sectors, including cryptocurrency and fusion power.
- On July 16, TMTG announced Truth API, a so-called licensed data service providing "real-time access to posts from the highest-ranking Truth Social accounts." The service "delivers a direct, licensed, real-time feed of the platform's most market-moving Truths," TMTG's interim CEO Kevin McGurn said in that announcement.
What happened
Securities and Exchange Commission to investigate whether Trump Media & Technology Group is violating the law by selling faster access to President Donald Trump's Truth Social posts. They asked Atkins to complete a legal analysis of Trump Media's new service, including laws that "prohibit insider trading and market manipulation," before it begins on Aug. TMTG operates Truth Social, the social media platform where Trump's account is the most followed by far, and the company has branched into numerous other sectors, including cryptocurrency and fusion power. On July 16, TMTG announced Truth API, a so-called licensed data service providing "real-time access to posts from the highest-ranking Truth Social accounts." The service "delivers a direct, licensed, real-time feed of the platform's most market-moving Truths," TMTG's interim CEO Kevin McGurn said in that announcement. The new service "threatens to undermine the integrity of capital markets," Warren and Schiff wrote Atkins. Trump "stands to profit from the launch of this service," as do the "firms and wealthy individuals that pay the subscription fee" to get his posts faster, the senators noted.