U.S. Congressman Calls for SEC Probe Into Truth Social Selling Priority Access to Trump Posts to Wall Street

According to market sources, U.S. Rep. Ritchie Torres has urged the U.S. Securities and Exchange Commission (SEC) to investigate Truth Social’s plan to sell Wall Street institutions real-time access priority to Trump posts.

The request traces back to Truth Social, the social media platform under Trump Media & Technology Group (TMTG), which previously announced the launch of a paid data service called “Truth API.” The service mainly offers low-latency data stream access for high-frequency trading and algorithmic trading firms, priced at $100,000 per month.

Reports say the service will deliver “millisecond-level” speed to institutional clients such as high-frequency trading and algorithmic trading companies, transmitting in real time the posts published on the Truth Social platform by accounts with the greatest market influence—including the account of Trump himself.

Truth Social is the social platform launched by Trump in 2022, and it has become a primary channel for his social media posts. During his second term in office, he repeatedly used the platform to announce major policies and military actions, and his remarks are highly likely to sway market sentiment.

Kevin McGurn, interim CEO of Trump Media & Technology Group, said Truth API is expected to provide a stable and substantial revenue stream for companies that subscribe to the service. Because through this offering, paying institutions will be able to obtain key information earlier than the general public.

Notably, Trump indirectly holds about 53% of TMTG shares through a trust, so concerns are widespread that this may involve a conflict of interest.

Overall, Truth Social’s business plan has not only sparked broad controversy among lawmakers over the “overlap between a president’s public office identity and family private business interests,” but has also led the market to worry that this move could create unfairness in information access and give rise to risks of unfair trading.

And this model of turning the president’s public discourse power into commercial interests not only tests the bottom line of ethics in U.S. politics, but also brings unprecedented challenges to the fairness of financial markets.

#TruthSocial # Business controversy