Senators Elizabeth Warren and Adam Schiff asked the US Securities and Exchange Commission (SEC) to investigate Truth API, the Trump Media & Technology Group feed that sells Wall Street firms early access to President Donald Trump’s Truth Social posts.

Trump Media has discussed charging between $60,000 and $100,000 a month. The service goes live on August 1, leaving the agency three days to act.

Why Warren and Schiff Want an SEC Investigation Into Truth API

Warren is the ranking Democrat on the Senate Banking Committee. Schiff sits on Judiciary. They wrote to SEC Chair Paul Atkins on July 28.

Their argument concerns latency, not content. Truth API routes posts from the 10 most influential Truth Social accounts to paying clients first.

Trump owns roughly 41% of Trump Media through a trust his children oversee. He profits from every subscription.

The senators cited his record of naming tickers, including Citigroup, Intel and Palantir. A CNN review found he had bought shares before praising 21 companies. Researchers have separately flagged trades spiking before announcements.

“This appears to be an outrageous abuse of the President’s office for his personal benefit that undermines everyday investors and the integrity of our markets, while enriching Wall Street and other wealthy insiders,” Warren and Schiff wrote in the letter.

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How Truth API Compares to Past Paid Early-Access Deals

Regulators have already dismantled two arrangements like this one.

In July 2013, Thomson Reuters suspended a deal giving select clients University of Michigan consumer sentiment data two seconds early. Those subscribers paid up to $6,025 a month.

In February 2014, Berkshire Hathaway’s Business Wire terminated direct feeds to high-frequency traders. Both followed pressure from then New York Attorney General Eric Schneiderman.

Truth API’s ceiling price runs roughly 16 times the Michigan premium. Neither precedent involved a sitting president.

Why Regulation FD May Not Cover the Truth Social Feed

Regulation FD, adopted in August 2000, bars issuers from selectively disclosing material nonpublic information about themselves to brokers, advisers and funds.

Truth API sells policy signals, not company information. That gap explains why the senators reached for insider trading and market manipulation statutes instead.

What Happens Before the August 1 Launch

Trump Media rejects the framing outright.

“The Senators must have invented a new theory of ‘insider trading’ based on publicly available information,” a Trump Media spokesperson indicated.

The SEC confirmed receipt and declined comment. Atkins, sworn in during April 2025 after running the consultancy Patomak Global Partners, has favored lighter enforcement.

Trump Media says it has signed customers but will not name them. BeInCrypto reported that paying firms get priority over the public.

Revenue pressure explains the urgency. The company posted a $406 million quarterly loss in the first quarter of 2026, and DJT trades near $9.85, about 80% below its March 2024 debut.

A formal enforcement action within three days is unlikely. SEC investigations open quietly and the agency almost never confirms them.

The 2013 and 2014 cases ended differently. In both, the vendor withdrew the product voluntarily once buyers grew uncomfortable being named.

That makes the subscriber list the pressure point. Reuters reported that industry sources see rising legal and political risk for any firm that signs up.

Two signals matter over the next month. Whether Atkins opens a file at all, and whether a single bank admits to buying the feed.

Source: BeInCrypto