Lawmakers Urge SEC Probe Into Trump Media's Truth API

On August 1, 2026, Trump Media & Technology Group (TMTG) launched Truth API, a subscription service providing institutional investors and high-frequency traders millisecond-level access to posts from 10 influential Truth Social accounts, including President Donald Trump. The service, which TMTG intends to use to monetize proprietary assets, reportedly costs up to $100,000 per month, with a discounted $60,000 rate for three-year contracts.

Democratic lawmakers and ethics watchdogs have condemned the move as an effort to profit from the presidency. Senator Elizabeth Warren and Senator Adam Schiff sent a letter to the United States Securities and Exchange Commission requesting an investigation into whether the service violates the 2012 Stock Act and federal securities laws. Critics argue the service creates an uneven playing field by allowing wealthy insiders to act on market-moving policy announcements before the general public. This is particularly significant given that the Donald J. Trump Revocable Trust holds approximately 41% of TMTG stock.

TMTG defended the API as a legal way to ingest publicly available data and suggested that opposition is rooted in ideological opposition to free markets. The launch follows a period of significant financial instability for TMTG, which has seen its stock price drop approximately 75% since the president took office and reported hundreds of millions in losses.